Given the bounce potential in the sector (with the 100 area support we noted on HUI as a general sector-wide stop loss) I thought I would pop up some daily charts of gold juniors that I consider to be of relative quality. It is not a formal NFTRH+ update. It is sent to the entire subscriber base because there are a lot of folks looking at the sector not only for trades, but for longer-term positioning.
I have not highlighted these since the last sector bounce because tax loss season was oncoming and likely to pressure small gold stocks. That is now abating and so they are worth a look. Just managing a bounce potential with these charts but again, I consider them to be relative quality among the riffraff and so of interest for longer-term positioning as well.
Lake Shore Gold (LSG, LSG.TO) is in a small pattern that projects to the .90 area if it can get and hold above the red dotted neckline. It got a volume pop on Friday and is dealing with the little neckline today. If it can establish short-term support at .80 to .82, .90 or more looks quite doable if the sector bounces.
Asanko Gold (AKG, AKG.TO) is not doing anything technically, but it got big volume on Friday and MACD looks constructive. I would not be surprised to see a pop to the 1.75-1.85 area.
Almaden (AAU, AMM.TO) is popping to the resistance that is the October high. It has turned MACD green. AAU has served losses in 2015 and with tax selling abating, I think that a buy of the .55 to .60 area can work well for a pop to .70 to .75. Watch to see if it pulls back from resistance.
Klondex Gold (KLDX, KDX.TO) does not really have a technical setup in play, but it is a miner that I think of as high quality and it has pulled back quite a ways. MACD has a positive divergence and that is possibly a short-term double bottom happening now. I think highly enough of this one that I just calmly held it during its decline even though I knew the daily chart was not good. So I wanted to point it out here for anyone interested. It’d be much better to buy at 2 bucks than 2.80, eh?
Klondex was due a drop because its long-term chart is and has been in a bull market since 2013.
Another quality item, explorer/developer Premier Gold (PG.TO, PIRGF) has been relatively strong during the bear market and is now above very well defined support. This is another I continued to hold, but a buy at 2.40 to 2.50 could be good for a trade in the short run and/or a hold in the long run.
Finally, producer Kirkland Lake (KGI.TO, KGILF) is attempting to bounce from support at around CAD 4.50 to 4.60. RSI has just gone 50+, which is a minor positive.
Just some pictures for the consideration of gold sector players. Let me know (gt @ biiwii.com) if you have any specific questions.