Keeping an eye on gold miners ABX, NEM, 2899

Keeping an eye on gold miners Barrick Gold ABX, Newmont Mining NEM and Zijin Mining 2899. There is base building. We can see a base in each chart so this could lead to continuation.

 

Barrick Gold ABX

This is Barrick Gold ABX 3M chart from 2012 – present. In this chart, key feature is a support that was in place since Q4 2016. We have points 2 and 4 that appears to verify the support. Note that since this is a 3M (quarter/candle), point 4 is not over until the end of this quarter i.e. it can still flip to black/crash below the support.

ABX 3M chart from 2012 - present

ABX 3M chart from 2012 – present | Source: Tradingview.com

 

This is the whole setup from the first chart above now shown in line chart format. With inclusion of boxes feature that show year to year price action, the key feature here is the new 52-week high achieved last year that terminated Barrick’s year to year down trend since 2012.

ABX 3M line chart 2012 - present

ABX 3M line chart 2012 – present

 

This is the whole setup in weekly candles. Key feature is a triangle chart formation that points out current price action as a consolidation.

ABX weekly chart Feb 2016 - present

ABX weekly chart Feb 2016 – present

 

Painted in boxes showing how prices tend to move in ‘steps’. There was probably a reversal since 2015. When price moves out of blue, we are going to see a new high, any up move can be considered a continuation from last year’s rally.

Current trading range for ABX

Current trading range for ABX

 

Newmont Mining NEW

This is 3M chart of Newmont NEM. Looks like a pennant with a pretty clear base.

NEM 3M chart 2006 - present

NEM 3M chart 2006 – present

 

Zijin Mining  2899

Recap of my last look at this H-share.

This chart below was previously published 13 July 2017. What I wrote at that time. Two important features in this chart: a 2-year or 104-week exponential moving average and red arrows that show price reaction to the ema line. Note two red arrows on the right.

Zijin 2899 weekly chart 2009 - present

Zijin 2899 weekly chart 2009 – present

 

Now this chart below is the latest update. Note the last arrow on right (new addition) showing latest price action bouncing off the 24/104. Parallel channels may suggest a trajectory but as always, past performance is not equal to future performance. It’s just a probability.

Zijin Mining weekly chart 2009 - present

Zijin Mining weekly chart 2009 – present

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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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