Place chart

Everything is in place for the renewed advance of white gold

Analyst Clive Maund says the outlook for White Gold Corp. remain very positive after a decline in recent weeks.

White Gold Corp. (WGO:TSX.V; WHGOF:OTCQX; 29W:FRA) has continued to consolidate longer than expected when we last looked at it in a Market Book update posted Dec 12 but no real harm done as it’s only a shade below where we bought it again at the time. We are always well informed our first purchase just before its big breakout move in early November, as we can see from its latest six-month chart below.

What has happened since we last looked at it is that it has continued to consolidate in what now looks like a classic bullish pennant, allowing its earlier overbought condition to fully relax and its moving averages to shift into better alignment. As the pennant’s converging boundaries now begin to close and volume continues to decline to a now low level, everything is in place for a further push. The relatively dynamic volume line and proximity to fairly strong support makes it unlikely to break lower from here.

The seven-year chart shows us the big picture. After a tremendous surge in the second half of 2016 and first half of 2017 that resulted in massive gains for anyone lucky enough to buy during the previous pan base, White Gold basically reacted in a gigantic triangular pattern with the level support shown coming into play repeatedly to end downtrends, with the last of these downtrends ending in October. With the upper boundary of the pattern, the red trendline, now dropping towards meeting this support, we will see the resolution of this pattern with a breakout at even lower levels. It’s unlikely, given that it can’t go down much more because it would become worthless and given that the company released a string of positive drill results and gained trust of Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE), or with a break above this trend line likely to trigger a phase of dynamic growth that the positive fundamentals we have just discussed make much more likely. Regarding the latest news announcement, it’s tempting to think that Agnico-Eagle is stupid to pay way above market price for shares in the private placement, until you account for tax deductions. resulting from the transaction.

The bottom line is that the outlook for white gold remains very positive and after the last few weeks decline best seen on the six month chart above, we are in another favorable buying spot so further buying or additions of positions are in order here. Part of the reason for the decline may be that the market is bored waiting for more results from the previous drill, but it is suspected that more drill results will likely be available soon. White gold trades in reasonable volumes on the US OTC market.

White gold website.

White Gold Corp, WGO.V, WHGOF on OTC, closed at C$0.67, $0.53 on Feb 4.

Posted on at 5:40 PM EST February 5.

clive maund has been president of, a successful resource sector website, since its inception in 2003. He has 30 years of 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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Tables provided by the author. Disclosures:
The foregoing represents the opinion and analysis of Mr. Maund, based on the data available to him, at the time of writing. Mr. Maund’s views are his own and do not constitute a recommendation or an offer to buy or sell any securities. Mr. Maund is an independent analyst who receives no compensation of any kind from the groups, individuals or companies mentioned in his reports. Because trading and investing in all financial markets can involve serious risk of loss, Maund recommends that you consult a qualified investment adviser licensed by the appropriate regulatory bodies in your legal jurisdiction and make your own due diligence and research when doing any type of transaction with financial ramifications. Although he is a qualified and experienced stock market analyst, Clive Maund is not a registered securities adviser. Accordingly, Mr. Maund’s market and stock views may only be construed as a solicitation to buy and sell securities when subject to the prior approval and approval of an advisor. in registered securities operating in accordance with the appropriate regulations in your area of ​​expertise.