HGO - Chart, page-423

Copper futures weekly chart is looking very nice. $4.2 resistance being tested after maintaining long term lower trend. A move up from here could indicate we're ready to move on to the upper parts of this trend. I'm still skeptical due macro environment and watching closely for any signs correlation with weakness in futures price.



On a positive note, global producers are reacting to current upward futures movement



Not much has changed in my HGO chart forecasts except that the supports have been hit. For the chartists, you'll probably notice a familiar unpleasant pattern called a head and shoulder with current price being that prior to start of that pattern. For now though, selling volume appears to be falling and price appears to be aligning for the next moves supported by futures prices. I do not want to put a prediction to it, but I do see some resistance at 5.2 that needs overcoming after which, 5.4 becomes the next barrier which could signal a return to the 7's.



FWIW, retest of 4.9 looks like a gap fill (June 2023 start of H&S)




GLTA, even the non believers, as everyone is pointing out, the company appears to be in a good place at the right time. What does worry me ATM is if HGO hedging plays into a ceiling on the MC or if production will exceed the hedge to add to income.

HGO: Keep ticking those boxes!