Gold miners Barrick Gold and H-share Zijin Mining are at or near prominent support levels. Critical question: Has their current week-week downtrend ended yet?
- In both charts, there is a 104-week (2-year) moving average which price clearly reacts too.
- A moving average is one of many technical studies to look at trend. It is not 100% accurate.
- Since these are weekly charts, traders probably have plenty of time to look for confirmation, also from lower time frame price action and patterns.
- I wrote about Barrick in May last year. Barrick traded downtrend between 2012 – 2015. A new 52-week high last year terminated to falling year- year sequence. Investors have to decide whether there is a bullish reversal chart pattern here.
ABX near term price action
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.