This is a response to @damon Assem 's post "Is Barrick Gold a screaming buy at these levels?"
Original Survey Post: https://exchange.realvision.com/question/is-barrick-gold-a-screaming-buy-at-these-levels-602368b246c934fce8fb994d
I'm also eyeing on GOLD as well.
1. 200 simple moving average, monthly: This was the first test to 200MA (as a resistance) in many years. It breached failed to follow through.
2.50% fib retracement from high to low 2011 to 2015: This is where GOLD reversed and came back down below 200MA (monthly). The level is accurate almost to the tick. Doesn't happen all the time but it gives you an idea what big money is looking at.
3.Trendline resistance: This will act as a resistance. On a volume breakout above a trendline can be often retested. Once the breakout is clear, this trend line will act as a support.
1.The nearest support is 21EMA (monthly), then 34EMA and then 50MA respectively.
2.Trendline support 1
3.Trendline support 2.
Gold had its short-term run last year and made a quite an impressive move in 2020.
Gold is known to be a tricky product to trade short-term.
GOLD is finding its support at 21EMA (monthly). Its short-term monthly momentum is catching a breath.
Personally, if I were to long this, I would wait until the earnings and I would also wait until it can hold above 200MA. There is no reason to long this until it can clear 200MA and can prove that it can hold above it.
If it happens to break out post-earnings, it's probably important not to chase the first volume breakout as it often (not always) punishes chasers.
If GOLD can clear its trendline resistance that I pointed out, its nearest resistance is 61.8% retracement level but it can really get it to start going if it is backed by volume.
Moving Averages Used
5EMA = Magenta
8EMA = Yellow
21EMA = Cyan
34EMA = White
50MA = Pink
200MA = Purple
*Indicators on this charts are free on Thinkorswim
1.TTM Trend (Cyan Candle: Up momentum, Red Candle: Down Momentum)
2.TTM Squeeze (Cyan: Bullish Rising Momentum, Blue: Bullish Falling Momentum, Yellow: Bearish Rising Momentum, Red: Bearish Falling Momentum)