Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek Radio: Harry S. Dent Jr. and Bob Hoye, and Chris Waltzek
By: radio.GoldSeek.com

Your Comprehensive Crash Survival Guide
By: Clive Maund

European Threats
By: John Mauldin

Yet Another Trillion-Dollar Unfunded Liability: WHY California Is Burning
By: John Rubino

Gold And Silver Prices Rise As The Markets And Oil Decline
By: Steve St. Angelo

BIS gold swaps fall in November but bank continues secret trading
By: Robert Lambourne

Listen to what gold is telling you
By: Gary Savage

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 3% on the Week While Stocks Drop Nearly 5%
By: Chris Mullen, Gold Seeker Report

Gold Stocks Acting as They Should During Market Stress
By: Gary Tanashian

Craig Hemke Warns of Fraud in Fractional Reserve Precious Metals Markets…
By: Mike Gleason

 
Search

GoldSeek Web

 
Is Barrick Gold Bottoming?


 -- Published: Friday, 16 March 2018 | Print  | Disqus 

By Avi Gilburt

We have seen downgrade after downgrade on Barrick Gold (ABX) for years. Many keep looking lower and lower, with some even considering that this stalwart in the miners’ complex may even go out of business due to its debt load.

However, back in 2015, it was one of the first miners to bottom. In fact, when we saw the potential bottoming of ABX in 2015, we actually opened our EWT Miners Portfolio in September of 2015, and the ABX was one of our first buys.

But after it hit its high over a year and a half ago, it has been within a corrective pullback from the August 2016 high. And, since that time, it has seen sentiment about the company drop consistently.

In the last quarter of 2017, when the GDX broke its upper support in September, I noted that the ABX has a set up to take it down to the 11-12 region, and we were in the 16-17 region at the time. And, if you note the “buy zone” on the chart below, it was placed there in September of 2017.

Currently, ABX has struck our downside target but has not confirmed that the downside is yet complete. We are now just below the resistance we were looking for it to hit its head upon in the 12.50 region. As long as ABX remains below this resistance, it has a downside set up to drop towards the 10.80-11 region to complete this long-term pullback in which it has been mired since mid-2016.

However, if we see strength through the 12.50 region, and it can continue to rally up towards the 13.50-14 region in the next few weeks, then it provides us with a strong indication that the lows for ABX have been seen, and we are likely setting up the next major bullish move for ABX for the rest of 2018.

But, under either circumstance, I expect the ABX to strike a significant bottom in the near term, and see it resume its bull market run into the end of the year.

Lastly, since ABX has been a major drag on the GDX of late, I believe that the GDX will finally begin its bullish pattern once the ABX finds a bottom and is no longer a drag on the GDX.

See charts illustrating the wave counts on ABX.

Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader.net (www.elliottwavetrader.net), a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.

 


| Digg This Article
 -- Published: Friday, 16 March 2018 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.