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Kinross Gold Corp - (K.TO) - October 18, 2023

A big rebound in the price of gold over the last week amid rising geopolitical tensions has ignited renewed interest in gold producing stocks. In the SIA S&P/TSX Composite Index Report, Kinross Gold* (K.TO) is currently the highest ranked gold producer, sitting in 24th place.

Kinross has climbed 7 spots yesterday, 19 spots in the last week, and 47 spots in the last month, and its 10.7% return over the last week is the third best in the S&P/TSX Comp Index report.

Bouncing back from a dip into the yellow zone during the summer, Kinross returned to the Green Favored Zone in September, ending a two-month absence, and since then it has continued to steadily trend up the rankings. Since bottoming out in the summer of 2022, Kinross Gold* (K.TO) shares have been steadily recovering lost ground, snapping out of its old uptrend by January and building a new uptrend of higher lows. Over the summer, several successful tests have established $6.00 as a significant support level.

Kinross has recently rallied from the bottom toward the top of its current $6.00 to $7.50 trading range. A breakout from here would signal the start of a new advance with potential resistance at a previous high near $8.25, or $9.00 based on a measured move.

*Shares of Kinross Gold are held in some portfolios managed by SIA Wealth Management.

Kinross Gold* (K.TO) shares appear poised for a breakout. A 2-year downtrend bottomed out in the summer of 2022. The shares then staged a sizeable recovery through to May, but over the summer, they have paused to consolidate their gains, trading sideways between $6.00 and $7.25. Earlier this month, Kinross broke down by one row, then turned sharply back upward, a classic Bull Trap bottom. Recently, the shares have completed a bullish Double Top breakout, calling off a previous bearish spread triple bottom pattern.

Currently, Kinross is retesting its May high. A close above $7.35 would signal the start of a new upleg with next potential resistance on trend near $8.10 based on a vertical count, $8.60 based on a horizontal count, or $9.30 based on previous column highs. Initial support appears near $6.65 based on a 3-box reversal.

With a bullish SMAX score of 8, K.TO is exhibiting strength against the asset classes.

*Shares of Kinross Gold are held in some portfolios managed by SIA Wealth Management.

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