Ausgold - Technical setup

Liking the setup here for AUC.

Has been on my radar for sometime, just couldn't bring myself to pay up during the recent run into the 8c range. Technicals were running v v hot through this phase and it was only a matter of time until they took a breather. Missed my bid at 5c on the recent pull back, so have now made the call to start to pay up.

From and FA perspective I like their projects, team, they are well funded with a relatively modest EV with a resource upgrade and feasibility study pending = plenty of decent catalysts on the near term horizon.

Technically it's nice to be buying with gold back in the mid $1,800 range.
Chart setup looks good, although the RSI didn't reach oversold levels, we are seeing a good basing pattern in effect here. MACD is moving towards making a positive cross, which I think will coincide with the 5.6c volume being taken out. Resistance is evident at this 5.6c mark, once cleared will open the door for a move back to 6.1c and then mid 6's before resistance is seen again.




Zooming the chart out we can see the area of significant with previous price action at the 5.6c - 6.1c range.