Good morning, everyone, and welcome to Tuesday morning. .
It's Stephen Whiteside here from TheUpTrend. .
com In the pre-market this morning, things .
are fairly quiet, ahead of major inflation numbers coming out at 8:30 this morning. .
Currently, gold is down 4 in the pre-market. .
That could certainly change before the market opens. .
In this presentation, we're going to take a closer look at Canadian gold stocks, and .
we'll start off by looking at the price of gold. .
It's been on a tear for the past couple of weeks. .
If we go back to March first, our price targets were 2,125 and then 2,187. .
50. Yesterday, we stopped at 2,187. .
50. .
That has been resistance for the past two days. .
Of course, if we can take out the .
Friday high, then 2250 would be our next target to the upside. .
Of course, we're nowhere near a sell .
signal on Tuesday morning, but it's prudent to lock in profits along the way. .
That's what the profit targets are for. .
You can see the price of silver has been on a run. .
It has not been keeping up with the price of gold right now. .
You can see our next price target is 25, .
and that's where we stopped back in December. .
We're nowhere near a sell signal on Tuesday morning. .
Now, at the same time, gold and silver have been going up. .
Bitcoin has been leading the way. .
A lot of people were concerned that with .
Bitcoin and the other crypto currencies, there wouldn't be as much interest in gold .
and silver, and certainly Certainly, that is not the case at the present time. .
And Bitcoin hit a new high yesterday, and .
so we're not looking for a sell signal on Tuesday morning. .
Now, to play the gold sector, the major .
ETF is the XGD, and it's been moving up nicely over the past couple of weeks. .
It's hit a few price targets, and yesterday, it came up to an open gap and .
stopped, and we'll have to see if we can get through that open gap. .
Of course, on Tuesday morning, we're nowhere near a sell signal. .
We need to close below 16. .
17. .
If that doesn't happen on Tuesday, of .
course, that lower channel line is going to continue to move higher daily. .
Now, the way I like to play it is the .
Leveraged ETFs, the Horizons HGU, which was up nicely over 3% yesterday. .
You can see the difference between the iShares ETF, which was up 1. .
76% yesterday, while the Leveraged Horizon Beta Pro product was up and 3. .
32% on Monday. .
Then looking at the stocks themselves, .
starting off with the three major stocks in the TSX-60, starting off with Agnico .
Eagle, which has been leading the major gold stocks higher. .
We hit 75 yesterday. .
That was the high from back in December. .
So if you had an order in at 75, it got filled yesterday. .
So congratulations. .
And again, we're nowhere near a sell signal on Tuesday morning. .
Now, Barrick, on the other hand, has been .
an ugly duckling over the past couple of weeks. .
And you can see up at the top of the .
screen, that's a new early warning sell signal. .
And so if you're trading Barrick at the .
moment, you need to be a little bit defensive. .
We traded up into the FlyPaper channel and stopped. .
We have not hit our next price target of 21.. .
88, which was the high back from January. .
That's a little bit of a concern. .
Barrick may be leading this sector back .
down, and we We need to close on Tuesday below 20. .
52 to give us a new sell signal for Barrick on the TSX. .
Kinross has also not been performing that well. .
It has traded up to 7. .
42 and has closed above it. .
Our next price target is 7. .
81. .
Now, on the downside, of course, we need to close below 6. .
93 on Tuesday, not expecting that to happen. .
Now, New Gold has been probably the best .
performing major gold stock, and It has certainly had a nice run over the past .
couple of weeks and has broken out above 2. .
15. Our next target to the upside is 2. .
34. .
Then, of course, looking down, the lower channel line is way down at 1. .
79, so certainly not expecting a sell signal on Tuesday. .
Then looking at Seabridge, Seabridge was .
able to trade through an early warning signal up here. .
It had a small pullback, not enough to give us a sell signal. .
We've run right up to the top of our projected trading a range of 14. .
06. .
That doesn't mean that we have to stop here. .
It's just what we were projecting at the .
time based on this previous trading patterns. .
Here we are up at 14. 06. .
Hopefully, you've locked in some profits along the way here. .
Looking down on Tuesday morning, we need to close below 12. .
21 and not expecting that to happen. .
And of course, that lower channel line is going to continue to move higher daily. .
Okay, that's all I wanted to cover this morning. .
Of course, there's lots of other gold stocks. .
Most of them have performed fairly well over the past couple of weeks. .
It is prudent to lock in some profits .
along the way without completely liquidating a position. .
You should always have a position going As long as you don't have a sell signal. .
We never know just how far these stocks can rise. .
We do have gold up at a price target at resistance. .
It stopped. It stopped for two days now. .
That's a sign that we may want to take a break here and pull back. .
No guarantee of any sell signals right .
now, but certainly markets do not go up forever. .
And gold has been on a nice run, and we .
should take advantage of that by locking in some profits along the way. .
Okay, folks, that's all for Tuesday morning. .
Have a great day. .
Next time you'll hear my voice is on Wednesday morning, and at that time we'll .
take a closer look at US semiconductor stocks. .