ABX daily March 2nd

ABX daily March 2nd

The most recent ABX (Barrick Gold Corp) trade, which was posted directly as an Active Long entry here on Feb 12th, hit the sole profit target (13.21) on Friday for a gain of 10.6%. This most recent long trade on ABX follows the previous long entry from Jan 16th where that same target level (T2 at 13.21) was hit for a 12% gain in just 3 trading sessions, providing a nice example of how the same stock can be recycled back into on pullbacks to support once a profit target is hit. In this most recent ABX long, it was the pullback to the Jan 16th-2oth gap which provided an objective entry with a stop set slightly below.

On a related note, although I was favoring GDX to hit the second target before dipping back below T1, the pullback in the mining sector today so far has not inflicted any technical damage on the near-term+ outlook for GDX. GDX has some decent support here around the 20.90 area while GLD is also trading above minor support around 115.84ish. Updates on GDX & NUGT to follow as any significant technical developments occur.

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