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Gold Co. In the Perfect Buy Spot

Source: Clive Maund

 

September 8, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund shares the 6-month chart for Snowline Gold Corp. to explain why he believes it is now in the perfect place to buy.


Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB) is one of the best gold stock investments around at this time. We bought it before the last step higher, which happened to be one of the biggest, but by early August, it had become extremely overbought, having gone parabolic.

Hence it was entitled to a somewhat larger reaction, which we have since seen, and the good news is that price / volume action on this reaction has been consistently bullish, as we can see on the latest 6-month chart below, with volume dying back and the Accumulation line holding up well, which implies that another upleg is pending, especially as a "morning star" reversal occurred above the rising 50-day moving average early last week.

The dip late last week towards the support line at the lower boundary of the morning star pattern has presented us with a perfect "buy spot."

We, therefore, stay long, and this looks like an excellent point to add to positions or to make fresh purchases.

Snowline Gold's website.

Snowline Gold Corp. closed at CA$4.97, $3.61 on September 1, 2023.

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