HGO - Chart, page-293

Copper at time of writing is 465.85 and sitting on the previous uptrend resistance. Indicated support was 460 per previous post. EMA43 offers the next support at 4.5772.



HGO price movement is following coppers' closely and appears will follow its downtrend after HGO broke through EMA43 (7.8). Next supports are 7.5 (EMA100), 7.2 (FIB .618) then 7.0 (previous uptrend support). Both daily and hourly charts indicate selling pressure and I anticipate those supports will be tested. In general 0.618 FIB is the telling moment, whatever happens around this price will determine the trend for HGO. Chart trends have little to do with fundamentals, they show sentiment. In this case it is reflecting sentiment of the market.

If the above supports fail, I anticipate 6.1 becomes the new support.