Israel conflict/geopolitical uncertainty causes short term spike in price of gold. An overwhelming victory for Israel over Hamas and the other Iran proxies will, undoubtedly, relieve these trepidations and, thusly, the price of gold. I would suspect this is being reflected in EQX's price action and expect this to result in a retest and potential rejection of our triangle structure. Target on the chart. Nothing is for certain, however, so please practice sound risk management.
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Where's the volume? Price moving up but volume is moving down. I expect Israel to invade Gaza very soon have a decisive victory and this whole geopolitical scare to fizzle out letting the hot air out of gold and miners.
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For reference:
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That was a nasty throwback and retest, but the more powerful the retest the more powerful the rejection will be in the days and weeks to come. Might see a little bounce tomorrow as the stochastic RSI has bottomed on the hourly, but unless you can reclaim the bottom trendline of the triangle with daily candle body structure we are moving down.
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