Silver & Gold Seeker Report #42: Gold Bounces off Support, What Next?

Gold and Silver finally got some relief this week after roughly 2-months of grinding lower. The bounce off the 50% Fibonacci retracement for gold is encouraging, but that doesn’t mean selling into year-end is over. There is always the chance of moving lower; time will tell. Silver’s chart is looking better, but we aren’t out of the woods yet. I expect gold to trade in a range through year-end. If we assume the rally started at $1,350/oz (in June 2019) or March 2020 ( approx. $1,480/oz.):

  • 38.20% and 50% retracement levels (Using $1,350 and $2,050) would equate to a bottom in the gold price of $1,782/oz. and $1,700/oz.
  • 38.20% and 50% retracement levels (Using $1,480 and $2,050) would equate to $1,832/oz. and $1,765/oz.

News this week was very light as we entered a period of lesser news-flow due to the holidays. This should continue until mid-January or so.

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$BRC.V, $EGO, $EXK, $IVN.TO, $KNT.V, $MUX, $ODV.V, $OR, $SBB.TO, $SSRM, $AUY

Blackrock Gold: Announced additional high-grade gold and silver intercepts on its Tonopah West project in the Walker Lane Trend in Western Nevada. Highlights include:

  • 3m @ 10.5 g/t Au and 1,188 g/t Ag
  • 12.2m @ 1.51 g/t Au and 146 g/t Ag
  • 4.5m @ 1.53 g/t Au and 131/6 g/t Ag
  • 1.5m @ 1.96 g/t Au and 164 g/t Ag

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READ IN FULL:

https://goldseek.com/article/gold-seeker-report-issue-42-week-mining-gold-bounces-support-what-next

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