Gold & Gold stocks: some opportunities presenting

Gold has been holding up quite well of late given the strong US$ but, whilst the precious metal is still consolidating in a longer-term wedge pattern, some Gold stocks are attempting to make bullish trend line breakouts. Any developing US$ weakness would help to keep the metal and these stock breakouts supported so keep an eye on both entities in coming sessions.

Gold monthly: still consolidating within a bullish descending wedge over the longer term:

Gold weekly: the metal has printed its second bullish weekly candle following on from 7 bearish ones.

Gold daily: Gold has managed to scrape back above a recent 61.8% fib level and the $1,170 S/R region:

Gold 4hr: a Bull Flag developing? Watch for any momentum-based trend line breakout:

Gold 4hr Cloud: Gold is back above the 4hr Cloud although is still below the daily, weekly and monthly Ichimoku Cloud:

Gold Stocks/ETFs:  the first few here are attempting bullish trend line breakouts but the next few are still consolidating:

GDX weekly: The Gold Miners ETF has printed a bullish trend line breakout and held above the $20 S/R level. Watch the next bear trend line ahead of price action here though:

IAG weekly: this has printed a bullish triangle breakout and moved back above the $4 S/R level. Watch for any continuation here to target the $15 level as this is previous S/R and the weekly chart’s 61.8% fib:

ABX weekly: Barrick Gold has also printed a bullish triangle breakout but there isn’t a lot of supporting momentum just yet:

GDXJ weekly: The Junior Gold Miners ETF is looking a bit Bull Flag like so watch for any momentum breakout:

GLD weekly: The Gold ETF seems to be consolidating for now but is above the $110 S/R level

NUGT weekly: the 3x bullish ETF is still holding up from a bullish triangle breakout but I think a break and hold above the $10 S/R level needs to be seen before being too confident of continuation here:

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