Barrick Gold - Question of "When?"

Barrick Gold is the world's top gold producer. They are simply the best:

• #1 gold reserves
• #1 gold producer - and finally unhedged
• tremendous project pipeline
• provides global diversification in geopolitically stable regions
• strong balance sheet
• strong management
• etc, etc, etc

Gold is currently in a correction, and this presents an opportunity to "invest" in Barrick Gold. "Invest" is intentionally quoted, because don't consider this a trade. This is both a value and growth investment opportunity. The charts are indicating the downtrend to continue, but what's interesting is that the Gold miners earnings are coming out this week. Barrick reports on Thursday. Early in the week may be a buy opportunity.

ABX - Tale of Two Currencies

• The $USD has surged on safe haven buying, but it did take a breather lasty week
• The more "risky" $CDW has been crushed in the last several weeks.
• Because of high currency volatility, companies dually listed on US and CAD exchanges tell a different story when charted, which makes technical analysis more difficult. 
• One thing to note is that overall the Gold miners did suffer severe technical damage last week. The $XAU and $HUI have reversed and both are oversold. ABX has not reversed it's trend yet, but it is on the edge - the same goes for Gold.
• Expect an oversold bounce this week, and be on alert.

ABX Breakout on Weekly Charts is Confirmed

• next stop is the 2008 highs ... after it breaks through the 2008 highs, the sky is the limit

ABX Bounces off Gap and Broken Resistance Trend Line Support

ABX Pullback Targets

ABX Breaks Out on Weekly Charts

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• on a weekly closing basis, ABX has broken out and has surpassed Nov's high

ABX Holds During Global Sell Off

ABX is Knocking on the Door

• Barrick had great earnings and is finally unleashing its full potential with full exposure to unhedged Gold prices.
• Barrick is surging and volume is confirming
• When ABX breaks through this 2+ year downtrend line - ABX should explode

Barrick Trading Plan

1. Sell if rejected at top of rising channel
2. Sell if rejected at the gap
3. Sell if rejected from underside of broken rising trendline