USAU Gold Penny Stock with impeding Earnings Long

U.S. Gold Corp.NASDAQ

Description

⋅ Dec 4, 2023 4:57 AM

USAU has been in an ascending channel on the 30-minute chart with the rise in spot and future

gold prices. With earnings coming in the next day, price broke out of the channel the top line

of which is now supported albeit without a retest. The relative volume indicator shows

in 3-4X volume surge in the past week while the RSI level is now up from 50 to 75-80.

I see this as an earnings play with a stop loss just below the upper channel line at 3.75 and

a target of 4.5 and 4.75 for a good reward-to-risk ratio. This is a quick swing trade earnings

play to compliment my much larger long-duration swing trade in GDXJ. While an expected

earnings beat is probably baked into the price I am betting that the beat will be significant and

will keep price momentum intact.

Comments

AwesomeAvani

⋅ Dec 4, 2023 5:52 PM

USAU got a nice pop from earnings despite a spot gold dip. 10% gain half the position closed-easy stress free profit. and maybe more on the remaining half of the position when gold price
recovers the upcoming week.