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


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.



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