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Relative Strength Gold Miner Setting Up Strong Breakout into Space

by | Nov 22, 2023

Gold Fields (GFI) shares of the South African gold miner are showing a bullish pattern emerge as a solid flag develops right on top of its 55- and 200-day MA’s and inside monthly value area with a potentially explosive breakout above 14 being able to push towards 15.33 as a first target where an open gap fill and VPOC level line up. GFI has a nice-looking weekly chart as well compared to other metals names and has stayed above its 55-week MA support near 13 recently after the late summer correction found buyers at the 2022 yearly point of control (POC) and longer term can see a rally to 17 again. Last week GFI saw opening sales of 5000 December $13 puts at $0.50.

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