Gold: Is Barrick next?

The Gold Bugs Index — representing un-hedged gold stocks — broke primary support at 150, warning of a bear market for gold.

Gold Bugs Index

Major producer Barrick Gold is testing primary support at $10. Peaks below zero on 13-week Twiggs Momentum already indicate a primary down-trend. Breach of support would confirm, offering a target of $6.50*. More importantly, it would strengthen the bear signal for gold.

Barrick Gold

* Target calculation: 10 – ( 13.50 – 10.00 ) = 6.50

Gold is headed for another test of primary support at $1140/ounce, while 13-week Twiggs Momentum peaks below zero suggest continuation of the down-trend. Breach of primary support would offer a target of $1000*.

Spot Gold

* Target calculation: 1200 – ( 1400 – 1200 ) = 1000

3 thoughts on “Gold: Is Barrick next?

  1. Where do you think the bottom is for gold and silver

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