BARRICK GOLD CORPORATION.
Sometimes, price doesn't reveal all the information that the markets might tell. And then, we have to recur to other indicators like volume and hidden divergences.
In this case, we can observe that GOLD (company and metal as well too) have suffered a big hit after or in consequence of US Elections. Down almost -23% since November 6th.
From November 11th to November 24th, the price continued falling but this time, MACD formed ascending minimums. This type of correlation is known as bullish divergences (See pink arrows). Also, if we take a look at volume, there's a MASSIVE amount of operations on November 25th. This type of volume hasn't been seen since March when GOLD started its bullish rally.
The most curious about this session is that this volume took place in a tiny candle with almost none price variation and really near to support. This could be a clear sign of consolidation.
On the other side, GOLD (Metal) is showing signs that bears are no longer in control and price suddenly stopped at USD 1.800 per Oz.
We might spect lateralization with high volume over the next sessions. Then, once the price breaks USD 23.5, we can confirm our hypothesis and open a long position.
Sometimes, price doesn't reveal all the information that the markets might tell. And then, we have to recur to other indicators like volume and hidden divergences.
In this case, we can observe that GOLD (company and metal as well too) have suffered a big hit after or in consequence of US Elections. Down almost -23% since November 6th.
From November 11th to November 24th, the price continued falling but this time, MACD formed ascending minimums. This type of correlation is known as bullish divergences (See pink arrows). Also, if we take a look at volume, there's a MASSIVE amount of operations on November 25th. This type of volume hasn't been seen since March when GOLD started its bullish rally.
The most curious about this session is that this volume took place in a tiny candle with almost none price variation and really near to support. This could be a clear sign of consolidation.
On the other side, GOLD (Metal) is showing signs that bears are no longer in control and price suddenly stopped at USD 1.800 per Oz.
We might spect lateralization with high volume over the next sessions. Then, once the price breaks USD 23.5, we can confirm our hypothesis and open a long position.
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Looking great!