3 charts of gold miners for bulls and bears

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?

Zijin 2899 weekly chart 2009 - present

Zijin 2899 weekly chart 2009 – present

 

Salient features:

  • 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 weekly chart 2009 - present

ABX weekly chart 2009 – present

 

ABX near term price action

ABX daily chart year to date

ABX daily chart year to date

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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.   Soh's Twitter account @sohtionghum was ranked #23 out of The Top 70 Twitter Accounts To Follow In 2015 by MahiFX.   Disclaimer notice: "I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."
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