GORO long based on chart & insider activity- strong support at 2.65 tested several times in the past months
- MACD bullish divergence to help break the wedge
- 3 different insiders bought shares in the past 2 weeks at 2.67 - 2.85
0IYS trade ideas
GORO undervalued due to forced closures in Q2The above chart shows GORO (blue) and a comparative gold mining company, since the Q2 earnings GORO has declined in price due to poor results. This was as a result of the Mexican government forcing their Oaxaca mining unit to shut down. The company returned to full production in Q3 and plans to increase gold production by 75% in 2021. The company will post solid results in Q3 and as a result presents a very good buying opportunity.
GSS was able to see large gains since q2 as a result of the increasing gold price, GORO will soon see the same benfits.
GORO weekly: XABCD 70% upside / market BUY IT(STOCKS)Why get subbed to to me on Tradingview?
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GORO weekly: XABCD 70% upside / market BUY IT(STOCKS)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: GORO weekly chart review
::: XABCD setup in progress currently
::: also undergoing reaccumulation
::: strategy: MARKET BUY IT / HOLD IT
::: expecting 70% gains in this name
::: keep in mind / BUY/HOLD setup
::: no easy / fast overnight gains
::: setup for patient traders only
::: buy/hold and you will get rewarded
::: good luck traders
🔸 Supply/Demand Zones
::: supply/demand: N/A
🔸 Other noteworthy technicals/fundies
::: TD9/Combo update: N/A
::: Sentiment short-term: BULLS
::: Sentiment outlook mid-term: BULLS
Gold Resource Corp. approaching downtrendGold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada. It engages in the exploration, development, and production of metal concentrates and dore. Its products include gold, silver, copper, lead, and zinc. It operates through the following geographical segments: Mexico; Nevada; and Corporate Other. The company was founded by David C. Reid and William W. Reid on August 24, 1998 and is headquartered in Colorado Springs, CO.
GORO Bullish Due To Gold RiseCompany Description:
Gold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada. It engages in the exploration, development, and production of metal concentrates and dore. Its products include gold, silver, copper, lead, and zinc. It operates through the following geographical segments: Mexico; Nevada; and Corporate Other. The company was founded by David C. Reid and William W. Reid on August 24, 1998 and is headquartered in Colorado Springs, CO.
Analyst Price Targets: 7.13
Analyst Recommendations: BUY
SHORT INTEREST
2.62M (06/28/19)
P/E Current: 23.69
Latest News:
Preliminary production results for the second quarter ended June 30, 2019 of 9,559 ounces of gold, 467,484 ounces of silver and significant base metals. The Company currently maintains its 2019 Oaxaca Mining Unit production outlook and plans to increase its global production outlook once commercial production levels are reached at its Nevada Mining Unit’s Isabella Pearl gold project.
finance.yahoo.com (Source)
MA Rating for Gold Resource Corporation (:GORO) is Strong BuyAs traders scan the equity market, they may be using Simple Moving Averages to help figure out where a stock is headed. Following some SMA levels for Gold Resource Corporation (:GORO), we can see that the 10 day is 4.54545, the 20 day is 4.440685, and the 30 day is 4.3901234 for Gold Resource Corporation (:GORO). Tracking some other time periods, we note that the 50 day SMA is 4.284244 , the 100 day is 4.082297 , and the 200 day SMA is currently 4.558412.
GORO could break outThis gold miner stands out as one that has not "sold off" during this recent Gold decline.
It could be shaping up nicely as a longer term hold.
Logical stop would be below the trendline, or 10% from here.
With the new weakness in the dollar and yesterday's pop in Gold, prospects look good.
