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The event that tier 1 Gold Miner Barrick Gold (GOLD) on Wednesday was able to overcome its all-important annual Triangle resistance is encouraging ...
Somehow there was no serious evidence at all that the dark-red dotted Triangle resistance rail starting at 2020 bull market highs needed to be pulverised after an for this stock unsusual +7.50% rally day.
Fine, Barrick Gold reported Q4 figures and full year 2021 financial report, both solid but also somehow mixed. I mean, other tier 1 Gold Miners reported solid and maybe even better figures before without launching like a rocket and breaking their individual long-term Triangle resistances.
And yes, the shiny gold broke through its individual Triangle resistance on warmongering fears days ago, and since delivered a 60$-70$ rally-leg. On the other hand silver has really not made any progress worth mentioning to date. The GDX, GDXJ gold miners ETF`s, the $HUI gold bugs index and the very most part of the other tier 1 Gold Mining Stocks are in the same neutral boat, looking somehow solid and positive on charts, maybe even nicely-bullish for the shorter-term but no other big Gold Miner shows a such clear and obvious bullish Triangle breakout on weekly closing base as Barrick Gold shares!
But what if Barrick is just the very first Major PM Miner to succeed in the final Triangle breakout, because someone has to be the first piece of the puzzle to pull off the bullish surprise?
I would now like to introduce a very hot candidate who could follow Barrick Gold as early as Tuesday!
On the weekly chart, Wheaton Precious Metals Corp. (WPM) shares have been slowly but surely progressing into the apex of the Triangle over the last few months, just as the gold and the Barrick Gold shares did before they recently broke out violently!:
This week`s high is at 44.50$ and is printed Thursday. There was no bullish continuation on Friday and as if by chance the WPM shares closed exactly below the 18-month Triangle resistance.
==> This is the next serious test of the downward oriented dark-red dotted Bull Market Main Resistance = Triangle resistance. As for Barrick Gold shares, the 40-week MA (moving average) plays an important role for months. The weekly close cleared the 40-week MA resistance rail and this is a Bullish Harbinger of things to come, IMHO!
The weekly MACD and Slow Stokes look as positive as for Barrick before its upward explosion!
To conclude, the technical weekly chart is bullish and WPM shares should have more upside. If the bulls continue their attack, we could see prices directly exploding for 4 to 7 weeks!
==> The Triangle breakout could start soon!, but at least the chances for such bull relief have never been better than now!
This weekly elliptical GUNNER24 Up Setup starting at # 1 // final low of 2021, offers that the breakout cycle could already be underway, and likely was triggered at the reached 2022 low:
Of course, elliptical setups are always a little more speculative than the circular ones, however, they usually allow the resistance and support forces trajectories of the arcs to be mapped more realistically.
As in this current case, perhaps. Above you recognize a weekly 14 Candle up starting at # 1 // 2021 Low. The first up impulse is oriented to the 13-Fib number as 14 - 1 is the 13. So it is a textbook setup. By this it A) measures the range from final low of 2021 to the final high of entire 2021. B) By this we know this elliptical Blue Arc above should radiate main resistance energy on a yearly base.
After the 2021 top the elliptical Blue Arc became 2x 100% accurate confirmed main resistance. Watch the blue arrows for these negative backtests of the Blue Arc in further course of 2021.
The first negative backtest of the elliptical Blue Arc was a Kiss of Death event as at same time the 1*1 Gann Angle main resistance was negatively backtested from below.
Then, the past week close succeeded in the very first close above the yearly Blue Arc resistance rail. This is an official GUNNER24 Buy Signal on yearly base - cause Blue Arc is/was confirmed = determining main resistance arc on a yearly base.
Additionally the past week close fired an official GUNNER24 Buy Signal on the weekly chart!
And this is the technical reason why the for long, long holding Triangle resistance could be overcome very soon!, and a bullish breakout cycle was triggered at so far 2022 low (38.01$)!
==> IF a buy signal on yearly base is indeed triggered, it could well be the outcome that the/a Triangle breakout cycle has to reach the existing future quadruple upmagnet at 50$ within only a few weeks!
This future main attraction = upmagnet, sitting at 50$ surroundings is formed by:
1. The natural course of the first square line. A now fresh activated weekly GUNNER24 Upside Target.
2. The now additionally activated natural GUNNER24 Upside Target of the 1st double arc.
3. The proven attractive backtest target/backtest magnet of the 1*1 Gann Angle.
4. And of course the round $50. A natural W.D. Gann number target for the likely underway Triangle breakout cycle!
==> GUNNER24 Method is projecting that the Triangle breakout of WPM shares should work off the fourfold upmagnet of round 50.00$, at least!
Be prepared!
Eduard Altmann
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