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Gold Continues Backtests in This Slow June Period

Source: Barry Dawes

 

June 9, 2023 (Investorideas.com Newswire) Gold continues backtests in this slow June period. Tax loss selling season. Look for value. Iceni Gold hits some very high +14,000g/t gold grades in a specimen from a reef outcrop at Everleigh Well.


Key Points

Gold

Here is that backtest action again in yet another US$30 intraday move. Another attempt at slapping down gold by the banksters to try to break the market. It will, of course, fail because far too many participants are buying physical gold now.

And gold is still in technical uptrends near all-time highs in other currencies. The possible pullback to the breakout at about US$1940 basis the futures could occur as the USDXY heads to 105.

Gold is now in a seasonally slow period and has a good record of rallying in the December Half from May - June lows. Gold is still holding above major support, not far from US$2000.

But as has been pointed out, gold is technically ready for another sharp move higher.

Dimitri Speck has provided this graphic for many years, but more recent versions are not freely available.

The expected backtest to around US$1940-50 on this graphic might now happen.

The above seasonal pattern suggests a couple of weeks to chop and confirm a low in May/June before moving seasonally higher in the Dec Half of the year.

Testing uptrends are always testing times.

Gold is still holding above this long-term support level.

The US$ is remaining firm with a rally likely to 105 that might pressure gold lower. A subsequent pullback in the US$ should boost gold higher.

Always keep in mind though, that the Euro, Yen, Sterling, and Swiss Franc have broken major 50-year uptrends.

Gold stocks

Strong breakout and pullback here. Not sure how much backing and filling is required here, but it should not be too long.

ASX Gold Index

Consolidating on good technical support.

US Equities

Iceni Gold - 14 Mile Well Project delivering

Iceni Gold Ltd. (ICL:ASX)

Iceni Gold has 600km2 of exploration tenements in the area between Laverton and Leonora to the west of Lake Carey. The tenements cover a large area in the midst of numerous important gold mines and deposits, and its difficult terrain with quite deep transported cover has left the area significantly underexplored.

ICL has already identified two key structural features, the N-S Castlemaine Fault in the center of the tenements and the equally important Guyer Shear in the SE portion of the tenements. Each is likely to result in the greenfield discovery of a major deposit of gold mineralization.

And there is much other potential in the remaining target zones.

Everleigh Well Project

The Everleigh Well project is continuing to deliver very encouraging results that confirm the regional mineralizing potential of the North-South Castlemaine fault identified by Iceni's exploration efforts.

Strong geo-chem results followed up by stratigraphic drilling confirmed the potential for the discovery of economic gold mineralization there at Everleigh Well.

ICL had previously reported in March 2023 the discovery of visible gold in exposed in situ quartz reef veining that extended for more than 200m.

Iceni noted that the gold in these earlier samples had characteristics of epizonal gold mineralization similar to that in the Golden Mile.

These results, combined with the drilling and numerous gold nuggets found here, provided strong evidence of potential quartz reef gold mineralization.

These now announced very high-grade gold grades from a single specimen stone provide compelling evidence of a gold deposit, possibly major, is there to be found nearby.

Several samples were taken from this specimen stone from the quartz vein outcrop.

High-grade rock chips from outcropping reef:

This specimen adds to the unfolding picture of a very high-quality drilling target is confirmed.

Follow-up drilling will be underway soon.

ICL - Rally extended up to the downtrend line, but fundamentals should soon change the direction of this stock.

Timing is everything.

Heed the markets, not the commentators.

More Info:


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