Canadian Gold Stocks 03122024

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

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