ASX: FAL Charting, page-209

Hi gruntov, to be honest I believe we are at the point of major resistance now ~0.40. The horizontal line on the chart below shows the area ~0.35 to 0.40 as being the historical zone for SP action as the darker gold circles indicate. Interestingly today's candle on this weekly chart (circled in gold ) shows a spinning top displaying the tug of war happening at this key resistance level. My feeling is that with assays imminent coupled with the rising trend and low SOI positive results will see SP break through resistance with ease and with strength. The next ~2 weeks price action is going to be fun to watch. Possibly a break and retest before assays? Could even drop tomorrow before resuming the trend. If SP does indeed break through this would confirm that the spinning top is market hesitation at the key level and good/great assays would create a definitive continuation of the upward trend.



There are a few gaps showing on the daily chart below so I will give my interpretation.
1. ~0.21 to 0.26 - Runaway gap at present unlikely to be filled unless the drill program is a failure and or the gold price falls through the floor.
2. ~0.295 to 0.31 - Don't consider this an issue at present taking into account the wicks on the spinning top at 0.295 indicating the reversal of the downward pressure back to the upward trend started by the re-rating at gap 1.
3. Today's small gap could possibly be filled in the next few days, but I would expect a return to the upside in anticipation of coming news.