Why is Randgold my favorite gold stock? Randgold is unique in the sense that price in this stock moves before the overall gold market, thus giving a strong heads up as to where the gold market is going in general.
Look at my previous chart on the Gold Index (GC), you will see price moving up to test its descending trend-line. The key take away between these two charts (Randgold and Gold index GC) is that despite identical price action, Randgold has actually broken its descending trend-line and has had 3 consecutive closes above it now, suggesting that Gold index will do the same soon.
Currently, Randgold seems a little extended (tucked up to its 3 standard deviation band), however I will be buying this on any pullbacks for a move up to 75-76 where a nice confluence cluster sits consisting of the 1.272 retracement of the prior swing high to low and 100% extension of the low to high to low.
Look at my previous chart on the Gold Index (GC), you will see price moving up to test its descending trend-line. The key take away between these two charts (Randgold and Gold index GC) is that despite identical price action, Randgold has actually broken its descending trend-line and has had 3 consecutive closes above it now, suggesting that Gold index will do the same soon.
Currently, Randgold seems a little extended (tucked up to its 3 standard deviation band), however I will be buying this on any pullbacks for a move up to 75-76 where a nice confluence cluster sits consisting of the 1.272 retracement of the prior swing high to low and 100% extension of the low to high to low.
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