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

abx dec 17 babx dec 17 s

We are now quite confident that 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. RSI 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 stock index. That is exactly where you want to be when things take a turn.