Gold Stocks Outlook 2014
Commodities / Gold and Silver Stocks 2014 Jan 02, 2014 - 10:26 AM GMT
This is an update from the last report, the ideas still appear to be working so little has changed from the last report, and many stocks appear to still need a bit more downside.
I will keep it brief as usual and let the charts explain the ideas, with a little commentary.
The big theme going into 2014 is to be looking for an intermediate low on many Gold stocks, both Gold and Gold stocks in my opinion are much closer to a substantial low and one that traders can look to trade, than more downside, many of the Gold stocks have been completely destroyed, so I suspect we have limited downside based on the patterns and the potential for some decent upside moves. Although we will need to see Gold put in a low and finish a suspected 5 wave decline from the 2011 high, Gold currently appears to be in wave [5], so a target of 1150-1180.
GG (Gold Corp)
Monthly Chart
It appears to still be in wave 5 of [3].
Weekly Chart
Staying under $23.22 keeps the trend looking lower; it appears to be in wave [iii] of 5, so a bit more downside needed as shown.
ABX (Barrick Gold)
Monthly Chart
This stock has refused to follow the other major Gold stocks lower and created a large divergence, as Gold and the $HUI index has pushed lower; ABX has held its ground. In an ideal world we see a new marginal low for wave 5 of [3].
Weekly Chart
Wave 4 of [3] might be a triangle; the messy decline could suggest that idea, although it’s still too early to really confirm that idea. Staying below $20.00 keeps the trend looking lower. We will need some more price action to have a better idea. So I suggest waiting until it clears up.
Daily Chart
You can clearly see the corrective looking decline, that’s a problem, as it allows for many ideas, which does not give us a clear idea to work with, so the best idea is to wait for the market to clear the ideas up.
NEM (Newmont Mining)
Monthly Chart
It appears to be still in wave 5 of [3], so a bit more downside still expected.
Weekly Chart
Currently I suspect it’s still in wave [iii] of 5, so mostly likely targeting towards $20.00. Under $25.00 keeps the trend looking lower.
Daily Chart
A bit more downside seems likely as it makes it way towards the $20.00 area to complete wave 5 of [3], under $25.00 keeps the trend looking lower.
BVN (Compania De Minas Buenaventura)
Monthly Chart
It appears to be close to ending wave [3] ofC.
Weekly Chart
Currently it appears to be in wave 5 of [3], so a low is expected shortly to end wave [3]. Then we should see a large bounce in wave [4].
Daily Chart
A closer look at the internals of wave 5 suggest this could be very close to a reversal, if you notice there appears to be a small wedge shape, that is what Elliotticians call an ending diagonal and is a terminal pattern.
There is strong support from current levels down towards $10.00.
The rest of this report can be downloaded here: http://www.wavepatterntraders.com/ElliottNewsletter/Gold Stocks Report Update 17-11-2013.pdf
Due to the Christmas and New Year holidays this report got delayed by 2 weeks, although depending on the price action in January the next update will either be around 16-17th January 2014 or I will update the next report towards the 30th January 2014.
Until next time
Have a profitable week ahead
Click here to become a member
You can also follow us on twitter
What do we offer?
Short and long term analysis on US and European markets, various major FX pairs, commodities from Gold and silver to markets like natural gas.
Daily analysis on where I think the market is going with key support and resistance areas, we move and adjust as the market adjusts.
A chat room where members can discuss ideas with me or other members.
Members get to know who is moving the markets in the S&P pits*
*I have permission to post comments from the audio I hear from the S&P pits.
If you looking for quality analysis from someone that actually looks at multiple charts and works hard at providing members information to stay on the right side of the trends and making $$$, why not give the site a trial.
If any of the readers want to see this article in a PDF format.
Please send an e-mail to Enquires@wavepatterntraders.com
Please put in the header PDF, or make it known that you want to be added to the mailing list for any future articles.
Or if you have any questions about becoming a member, please use the email address above.
If you like what you see, or want to see more of my work, then please sign up for the 4 week trial.
This article is just a small portion of the markets I follow.
I cover many markets, from FX to US equities, right the way through to commodities.
If I have the data I am more than willing to offer requests to members.
Currently new members can sign up for a 4 week free trial to test drive the site, and see if my work can help in your trading and if it meets your requirements.
If you don't like what you see, then drop me an email within the 1st 4 weeks from when you join, and ask for a no questions refund.
You simply have nothing to lose.
By Jason Soni AKA Nouf
© 2013 Copyright Jason Soni AKA Nouf - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
WavePatternTraders Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
