Today's Action In Gold

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Saskatchewan's SECRET Gold Mining Development.

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Fran Six

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Today's Action In Gold

posted on Dec 04, 2013 03:45PM

$Gold Daily

Today's action in gold suggests that prices are overshot to the downside. The next stop for daily watching is the 50-day MA.

The correction should have been over as far back as October, but downside momentum merely confirms a short term elliot wave count based on the daily chart. Will things change much with a lower painting of the tape here? Not really.

GBN.V shares are once again at the low, and expectations are tempered again for the quarterly report by activity on the Masuparia JV. If I were GBN.V management, I would not wait until the last possible second to deliver Q2 results.

Shares are cheap and marginal and capex costs for the La Ronge Gold project are not out of line with the average.

Before anything else is done the gold price has to move. The ADX momentum line will have to turn down.