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.
Originally posted at Clivemaund.com at 2.25 pm EDT on September 3, 2023
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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.