nftrh plus

NFTRH+; Another Miner With a Prospective Weekly Chart

The daily chart of GOLD is not much to write home about as it moves in a volatile sideways trend above and below the sideways-going moving averages. There was that volume boosted launch we noted for the sector, however.

As long as the fundamental backdrop remains good I plan to remain firm on the gold stock (and especially gold miner) sector. So I can take some volatility in that case.

With ref. to attractive weekly charts of stocks like WDO.TO and SSRM (originally highlighted in an NFTRH+ update last year, pre-breakout), the weekly chart of GOLD puts that volatility into some perspective. The stock is just now hitting a resistance zone that begins at 13.70 and extends up to 14.50. A successful break above current resistance would target the noted resistance just below 18. Weekly RSI and MACD are positive but not overbought.

Consider this a look-ahead to what could happen if GOLD successfully deals with resistance. I started a position in this senior gold miner this morning. Sometimes I like to poke at these things pre-breakout. A safer bet may be to see if it can make a new weekly closing high, which it would be knocking on the door of right now if the week were actually closing.

gold

A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.