Some (including myself) have thought Abu’s recent move up may have been in anticipation of news but the charts below indicate it may have just played catch-up to the sector as represented by the GDX or HUI.
Last week we corrected, also in line with the GDX.
The GDX now looks on the verge of a break out and the way our gold producers have behaved since this morning, that break out may happen tonight.
NCM up 2.5%, AQG up 2.7%, SLR up 2.8%, PRU up 4.7%.
IF ABU follows again, we could easily see a break out past 5.1c in the next few days.
We might not even need to wait for the next results.
Targets on a break out would be anywhere between 5.6c to 7c based on similar previous moves off the long term trend line as shown circled on the lower chart.
ann out: op exept gravity gold recovery, page-56
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