Despite Gold continuing to move up, Gold stocks started giving signs today that it might be hard to keep up. Basically Gold stocks have been going up so much lately that a pull back is imminent despite Gold's consistent move up. ABX gave us a dark cloud formation after giving up all its gains and closing slightly lower, practically flat. ABX has finally broken its up streak, after 7 straight up sessions. However, despite having a SELL SIGNAL, I wouldn't rush to sell if you took a position recently. For the moment ABX could possibly pull back to $42.00, and if we get a bounce back up we would get a BUY SIGNAL. A move below $42.00 would give us a SELL CONFIRMED, where ABX could then fall as low as $40.00 or $39.00. On my part I currently have a strong gain with ABX for which I have set a few days ago a VTSO, that would get triggered between $42.00 and $43.00. Although, like I said ABX may bounce back up $42.00 and continue higher, since I have significant gains I am looking to protect and lock in what I have. Once you start making gains there is no point in risking more than you should. You cannot assume that what the technicals say will always occur. If my VTSO does get triggered to then see ABX bounce back up over $42.00 along with Gold I may consider re-entering into a position with Gold either with ABX or another Gold stock. The market, Gold, and stocks in general are currently at a critical point, and we should know perhaps tomorrow or in the coming days if the move up will be accelerated or if it will start pulling back as I'm expecting. The reason I wouldn't jump to sell based on this signal is because some Gold stocks did close up today and have not given any SELL SIGNALS, and are currently HOLDS. Also ABX, despite being down today, it wasn't down hard to give us a clear SELL SIGNAL, it was practically flat.
ABX - LONG
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