With the price of gold breaking out to a new all-time high on Friday, stocks of gold producers continue to attract attention from investors. The top ranked gold stock in the SIA S&P/TSX 60 Index Report is Kinross Gold* (K.TO), which has been in the Green Favored Zone since March and is currently sitting in 4th place. The only other precious metal stock currently in the Green Zone is Wheaton Precious Metals (WPM.TO) which is in 12th spot.
Over the time Kinross Gold* had remained in the Green Zone, K.TO has returned 34.3%, including a gain of 9.2% since we last mentioned Kinross in the October 18, 2023 edition of the Daily Stock Report. A long-term downtrend in Kinross Gold* (K.TO) shares bottomed out in July of 2022, and since then, they have been under steady accumulation, advancing in a bullish Rising Channel of higher highs and higher lows. Earlier this year, K.TO snapped a downtrend line and completed a bullish Golden Cross, and haven’t looked back since.
More recently, the shares have retaken the $8.00 level for the first time since November of 2021, confirming continuing accumulation. Next potential resistance appears at previous highs near $9.00, then the $10.00 round number. Initial support appears at the 50-day moving average near $7.00.
*Shares of Kinross Gold are held in some portfolios managed by SIA Wealth Management.
Since bottoming out in the summer of 2022, Kinross Gold* (K.TO) shares have been under accumulation, establishing support at higher levels and snapping resistance along the way. After consolidating through the summer, the shares started to advance again in October, staging bullish Double Top and Spread Double Top breakouts. A small correction was contained to only three rows and now the shares have broken out again to their highest level since the spring of 2022, completing a bullish Double Top pattern and a Bullish Catapult to signal the start of a new upleg.
Horizontal and vertical counts suggest next potential resistance may appear in the $9.75 to $10.15 area, around the $10.00 round number, followed by $11.45 based on a vertical count. Initial support appears near $7.40 based on a 3-box reversal. With a perfect SMAX score of 10, K.TO is exhibiting strength across the asset classes.
*Shares of Kinross Gold are held in some portfolios managed by SIA Wealth Management.
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