Unless we get some kind of big news from Augusta Gold (TSX: G), it isn't going to break $2 per share permanently and rise into the $5-$10 range until VanEck Gold Miners ETF (GDX) surpasses its key breakout point of $26 per share. The good thing is... G's downside risk is only $1.55 per share and that's only because of the gap up in the chart. If GDX doesn't break $26 per share this week, G will likely dip to $1.55 per share and then immediately bounce back to $1.70-$1.90 and sit in that range until GDX surpasses $26 per share. If GDX breaks $26 per share this week, G's gap up won't ever be filled and G will be the first gold stock to hit new 52-week highs.
Keep a close eye on GDX to see when it breaks through $26 per share to know when G will surpass $2 per share permanently. We are 100% sure G will finish 2022 in the $5-$10 range.
Also be sure to watch Tracesafe (CSE: TSF) closely for its upcoming breakout above its 200-day moving average of $0.23 per share.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. NIA's President has purchased 174,200 shares of G in the open market and intends to buy more shares. NIA has received compensation from TSF of US$100,000 cash for a twelve-month marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.