the press is out and the Gold Bulls are only 13% bullish … the “look and feel” of Gold is that it’s “done” and in a bear market to stay … while stocks like $NFLX, $GOOG, $DIS, $NKE continue their parabolic ascent the “crowd” is pitching out and now it’s time to focus our efforts and sectors that have really been hammered.
Here’s a chart of $ABX. 6.84 sure looks promising.
CLIFF NOTES: prior Gold work – http://bartscharts.com//?s=gold
CLIFF NOTES 2: 1370 will be key to the last leg of a triangle, thrust DOWN and out of the triangle and then a BUY.
CLIFF NOTES 3: note the first chart. Again, it’s ratio analysis of GLD vs SPY. What we are looking for is a PATTERN to show a SHIFT in the relative strength of one security versus another. In this case, the S&P 500 has out performed, tremendously, the GLD since 08/2011. But look what just happened .. we completed a pattern at the .786 and 3 weeks ago,we found support and NOW it’s starting to move UP along w/ SPOT GOLD, ABX and the overarching Gold/Silver Index. A key development …
THIS IS A CHART W/ HISTORICAL PRICES SINCE 1913
note ABX – Barrick Gold is confirming this move … a revisit of our BUY recommendation. ( http://bartscharts.com/2014/05/21/abx-buy/ )