W Formation is forming on DRD Gold.
It's been a slow process, considering how many gold stocks have been outperforming the index itself.
But we are seeing signs that it's nearly DRD Gold time to shine...
The price is close to the neckline which needs to breakout. We also need to see a confirmed close and strong move above the 200MA.
The target remains at...
DRD Gold has had a troubling year.
It's dropped from May 2023 from R25.35 down to R15.00.
There've been two strong tests at R15.00 which has helped form a major bullish W Pattern.
We just need the price to move up to break above the Neckline.
Once that happens, the next target will be back to the highs around R25.00.
The short term Moving Averages confirm...
Falling Flag has completed on DRD Gold. It started on 9 May 2023, where the price came trickling down in a falling rectangle formation.
The price now has broken above, which signals high buying and demand liquidity.
This will push the price up.
Other indicators confirm:
7>21>200MA
RSI>50
Target 1 will be to R25.24 at the top of the pattern.
ABOUT THE...
Target 1 Reached at R14.12 from the previous analysis.
Now there is a Rectangle formation and on the bigger side of things a Larger Rounding Bottom.
We just need to wait for the breakout.
7>21>200 - BULLISH (Green background)
RSI >50 - Green
New target R17.63
GENERAL INFO
DRDGOLD (Founded in 1895 in JHB) is the largest producer of surface gold tailings in...
If gold's price continues to stay elevated and push higher then I believe DRD Gold will push higher too.
It has broken out of the trend line and looks set to move higher, which coincides with gold breaking out too.
Strikes aside, I think pullbacks will be an opportunity to add to positions.
Price targets are highlighted on the chart, with predetermined profit...
