A bit unfortunate, Gold and goldmining prices were frothy in the lead up to golds Friday the 13th of June failed breakout run. The silver lining here is a lot of that froth has dissipated. At least, now I know with good certainty, that the good news in a goldminers upcoming quarterly is not baked in. With that froth around it was hard to imagine the needle moving on good news. Unless of course it was extremely very good news...
With the failed breakout run 13/06/2025, it is clear traders are seeing two pennants on the USD gold price. The original smaller of the two pennants pattern may still resolve at $3,741/oz gold price. The larger pennant if it breaks to the downside gives us a possibility of gold at $2,939 /oz. ie. below psychological $3k.
TA wise I can't say which of the two scenarios are going to manifest here. Gold breaking down to $2,939 /oz or gold breaking out $3,741/oz. I would say both are of equal probability at this point. Those seeing these two possibilities and selling; where never here for the long term in the first place. So no love loss there. They'll be back after seeing the great looking June Quarterly. Not long to go now. 5 days left in June.
Good luck all!
EVN Price at posting:
$7.47 Sentiment: Buy Disclosure: Held
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