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Great Entry Point as Gold Co. Readies To Break Out of a Giant Saucer Base.

Source: Clive Maund

 

June 9, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund takes a look at TRX Gold Corp.'s 6-month and 16-month charts to share his view on the company.


This looks like a great point to buy TRX Gold Corp. (TRX:NYSEAMERICAN) following its smackdown of recent weeks, which is largely due to the innocuous reason of a broad retreat by the sector that is thought to have been due to groundless jitters caused by the debt ceiling circus, which always seems to play out the same way.

On the 6-month chart, we can see that the sharp reaction of recent weeks looks like a normal reaction within an ongoing larger uptrend, and now that the reaction has taken the stock from overbought to oversold and brought the price down to quite strong support at its rising 200-day moving average and the lower boundary of the larger uptrend channel, it should now reverse back to the upside and today's quite large bullish candle which is a completing a "bullish engulfing pattern" is a sign that this is happening.

Those interested should note that while a bullish "dragonfly" candle appeared on the chart of the U.S. traded stock about a week ago, on the same day, a prominent "bull hammer" appeared on the Canadian chart, on which a small Double Bottom appears to be completing.

TRX Gold, formerly Tanzanian Royalty, is the creation of "Mr. Gold" Jim Sinclair, and it has been working steadily to bring to production the giant Buckreef gold mine in Tanzania, which is now in production and increasing its resource base and should thus be of great interest to those looking to buy solid gold stocks ahead of the massive PM sector bullmarket that looms as the dollar is dethroned as the world reserve currency and ultimately collapses.

It is thus most interesting to observe that the stock is poised to emerge from a giant Saucer base pattern shown on our 16-month chart below (this time period is selected to excise the freak move that appears on the chart early in 2021) and this being so the reaction of recent weeks back toward the Saucer boundary is viewed as presenting a golden opportunity to pick up this solid gold stock ahead of the major breakout expected before much longer.

TRX Gold's website.

TRX Gold Corp. closed for trading at $0.47, C$0.63 at 2.30 pm EDT on June 1, 2023.

Originally published on clivemaund.com on June 1, 2023, at 3:10 pm EDT.

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