Barrick Gold Major Multi Year Support Holding

Barrick Gold has been one of the hardest hit large cap gold producers.  It has filled the headlines with huge write downs and corporate mismanagement.  It has found support that reaches all the way back to 1992.  I think these levels will hold.  A fast move back to $30 would not be surprising.

Gold & Metals Sector Showing Significant Positive Momentum Divergence

The gold miners and metals stocks are finally looking like they're going to move off of their multiyear bottom.  The GDX is showing huge positive momentum divergence and the money flow indicator is becoming less negative.  We could see a multi month reverse head and shoulders pattern form on the weekly chart.  ABX, Canada's largest gold producer, has been among the most destroyed by this sell off.  I think it will move above $20 shortly.