ABX Barrick Gold Daily Chart Negative Divergence

ABX receiving a lot of interest by call buyers but the chart is unenthusiastic. The red rising wedge and negative divergence created the drop in September. The green positive divergence, and that is said loosely since price did not quite make a lower low than early October, bounced price in late October. Price is back up for a matching high as compared to early November and the blue lines show negatve divergence in place. In addition, the red circle shows a sick money flow number which acts like a heavy weight pulling price down.

The blue circle identifies a price top for ABX. Price may try to match the September highs but even if that occurs, negative divergence should be in place for the September-November period, so that would serve as a top. ABX charts are similar to HMY and GG as well so the same analysis would apply. Projection is for price to reverse at any time and move sideways to sideways lower going forward. The blue circle is a time to exit longs or put on shorts. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your financial advisor before making any investment decision.