By The Gold Report
Technical analyst Clive Maund charts a gold explorer and producer with projects in Argentina.
The 6-month chart for Friday’s close for Golden Arrow Resources Corp. (GRG:TSX.V; GAC:FSE; GARWF:OTCQB) (Canadian market shut Monday) shown below was posted on the site before the open Tuesday, with the promise to post a fuller description with a 3-year chart later. As it turned out the sector dropped quite hard today, with the GDX (VanEck Vectors Gold Miners ETF) looking like it is breaking key support, and it was mentioned in the
Gold Market update at the weekend that Big Money might organize a “head fake” move below clearly defined support on GDX to shake people out before a turnaround and rally, although obviously Tuesday’s action is concerning as it could lead to a sharp sector drop.
As far as Golden Arrow itself is concerned, it had a good day, closing up 2 cents, or 4%, and it looks like it is breaking out upside from the rather small Cup & Handle base shown on our 6-month chart.
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While not very useful technically, the long-term 15-year chart shows the complete history of the stock, and how it now appears to be turning up at a quite broad zone of support.
Golden Arrow Resources GRG.V, GARWF on OTC, closed at C$0.52 $0.388 on 7th August 2018.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
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Charts provided by the author.
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
( Companies Mentioned: GRG:TSX.V; GAC:FSE; GARWF:OTCQB,