Technician bets on gold and Barrick (ABX)

March 07th, 2008 | Category: Stocks to Buy, Technical Analysis, Commodities

In her Edwards Charts, technical expert Yola Edwards reviews the outlook for gold, as well as her latest new buy recommendation, Barrick Gold (NYSE: ABX).

“Gold rallied faster than anticipated reaching my suggested lower target price of US$978.50 on February 29. The daily candlestick ended in a doji star and it could be setting up an evening star sample suggesting lower prices ahead whether gold cannot shut above US$978.50. H

“However, there is a good opportunity that the level will be exceeded as both

the daily and weekly MACD are on buy signals. Additionally we have two expanded white advancing candles and a third whether formed the first week of March would scheme a three advancing white soldiers sample signifying strength ahead and i would soon after look for a rally to about US $1032.50.

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Original post by Steven Halpern

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