ABX again, a very strong buy at just over $11

abx dec 17 babx dec 17 s

We are now quite confident that ABX will turn out to be a buy at just over $11, say $11.25, and that its initial target will be around $23 – which is a double plus. We are presently in the 5th of the 5th of C of a very large A-B-C. It is looking like a wedge that should stop above $11. and MACD are already announcing a turn-around. This does not mean that we are bullish long-term but it does mean that this is a very tradable move very relatively low risk.

The XAU is in the exact same position which adds credibility to the analysis.  60 has been our target for a while now. We got to 61+ so we may yet get there and if not so be it.

xau dec 17 2014

I have left the Bigcharts deliberately the same size so you can click on them and move them around for a better comparison. Clearly ABX was one of the weaker stocks out of the 13 in the Philly gold stock index. That is exactly where you want to be when things take a turn.