Kinross Gold Corp (K.TO) - April 1, 2024 (Daily Stock Report)

by SIACharts.com

With the price of Gold (GC.F) rallying to new all-time highs recently, gold producers such as Kinross Gold (K.TO) have been increasing in relative strength. After dropping down the rankings in the SIA S&P/TSX 60 Index Report back in February, K.TO stabilized near the red-yellow zone boundary for about a month. Last week, Kinross started to climb up the rankings again and on Friday it returned to the Green Favored Zone.

Kinross is currently in 10th position, having climbed 14 places on Friday and 25 spots in the last month. Last week, Kinross Gold (K.TO) staged a major breakout to the upside breaking through the top of a $6.00-$8.00 trading range which had prevailed in recent weeks and climbing to its highest level since May of 2021, nearly three years. This continues an accumulation trend of higher highs and higher lows which started in the summer of 2022.

Initial upside resistance appears at a previous high near $9.25, then the $10.00 level where a round number, previous support level and measured moves converge, then the 2020 peak near $12.00 on trend. Initial support appears near $7.50.

Kinross Gold (K.TO) has steadily been clawing back lost territory since a downtrend bottomed out in the fall of 2022. Over the last 18 months, K.TO has consistently climbed in a Rising Channel of higher highs and higher lows. Last month, Kinross broke down briefly, but accumulation quickly resumed and with the shares completing a bullish Double Top breakout on Friday, their primary upward trend appears to have resumed.

Next potential upside resistance appears in the $9.30 to $9.70 range where previous column highs cluster with vertical and horizontal counts, followed by the $10.00 round number and previous lows and $10.30. Initial support appears near $7.65 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 9 out of 10, K.TO is exhibiting short-term strength against the asset classes.

 

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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