ABX Barrick Gold Weekly Chart Lower Band Violation

ABX is another gold miner fave of interest to many traders. The same theme continues. The lower band violation is in play and price is extended to the downside; both would like to see a bounce. However, the indicators are weak and bleak over the last month (red lines) wanting to see another lower low after a bounce. The green lines are more constructive showing positive divergence in place over the multi-month period that will eventually lead to a recover for Barrick.

The standard deviation bands tightened in May and squeezed price lower since the US dollar index jumped higher. Patience is required for gold and gold miner stocks. August appears a much more attractive time to pick bottoms. Watch the USD dollar index since a higher dollar sends gold and gold miners lower and a lower dollar will send gold stocks higher. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.