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Chart 1: Junior Uranium Stocks Failed Breakout
Click the chart to enlarge.
A few weeks ago this index broke out to a new 52-week high and 18 month high. However, it completely reversed that over the past two weeks. False moves lead to fast moves in the other direction.
After this failed breakout, that resistance around 80 is likely to hold up well into 2019.
Chart 2: Novo Resources
After the company's presentation at the Denver Gold Show in September, the stock took a hard turn lower. We told subscribers that it was probably going to retest the January low at $2.50-$2.60. A few weeks ago we noted the possibility of a test of major support at $2.00.
In TDG #591, a week ago, we noted that we'd buy a test of $2.00. Friday we sent out a flash update as the stock rebounded from a low of $2.00 and put in a strong bullish hammer. C$2.00 was a valuation buy and a technical buy. The company has struggled to produce news but the gold hasn't gone anywhere.
TheDailyGold Premium #592
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We published TDG #592, a 20-page update today. We discussed the potential of most of our stocks along with some stocks on our watch list.
As for the sector itself, GDX and GDXJ have 6% and 8% upside left while Gold should reach a minimum of $1260 with a maximum of $1272. The GDX advance decline line remains weak and that is not what you see at major lows. (You also don't see the Fed still hiking).
All being said, I'm actually optimistic on what we own and looking for new ideas. There are some legitimate buying opportunities in the sector. I love finding juniors that have demonstrated some value to provide you a backstop but also boast huge exploration potential. I see that in the names we own. I actually see a good chance that all of them will be trading higher two months from now.
I also profiled a new company that has made a discovery and could have a shot for that to become "multi-million ounce."
There are opportunities ahead of the major turn in Gold and Silver that is likely to come sometime next year.
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I follow your work and it's very impressive -- am considering subscribing even though I focus on futures and macro more than individual equities. You are a refreshing voice in a space full of doom-and-gloomers, perma-bulls, and precious metals salesmen.
My 6 month renewal is due once again. Your work continues to be outstanding and I want to make sure there are no disruptions in the service.
You nearly always read the trends and support and resistance extremely well. Please keep us posted if or when the outlook seems to change. which you always do of course. TDG is the most valuable resource for understanding what is possible to understand about the PMs.
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Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that
can cause results and outcomes to differ materially from those discussed herein. Novo Resources has contracted TheDailyGold.com for marketing purposes.
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