Barrick gold (ABX) has been leading this move down in the gold shares. However, it looks as if it put in a classic reversal on Thursday. Capitulation - very oversold, huge volume, and nice bullish hammer candlestick. The follow-through on Friday was weak, but it's still early.
Barrick up the same. Stick with the big boys, probably US or Canada based and I don't see how you can go wrong. ABX was trading for under 6 bucks yesterday, lowest since the late 80's according to this fancy chart I'm looking at. You're basically placing a bet they won't fold after all these years of operation at that price. Otherwise there's no where to go but up.
What's going through my mind hasnt changed. Miners went to 23 gdx and back dowm like i posted a month (?) ago. Current action is BS range, short covering, not impulsive move. That's it. Date with lower BB is still planned. Individual miners won't change my mind, they can just manipulate other ones in the basket to meet desired results.
posted this for fun in sept 2016. of course no one can predict the exact path. as stated then, the only point was if it feels like a low at that time you can buy and make money (or if it feels like a high, sell).
as you can see below, if you bought/sold so far at the lows/highs, you've been banking with ugld or vehicle of choice.
i wonder if the time frames suddenly change now after 1.5 years? have a look and compare where we are at now with feb/march/april 18 between the two.....