Since its inception in the Spring of 2022 Dakota Gold has been a dull market as it has drifted along sideways / down and making new lows along the way. This process culminated with it dropping to new lows this year and then marking out a fine Cup base which we can see well on the latest 6-month chart below…
The 2-year 9-month chart shows that Dakota has only been a bearmarket since its inception in the Spring of 2022, but that looks like it is about to change. The steep drop at the start of this year is viewed as a final capitulative drop that formed the left side of the Cup reversal with it now starting to ascend out of the Cup. While it may pause for a while to mark out a Handle to complement the Cup, which would afford time for the moving averages to swing into better alignment, basically it is now on course to advance to the upper boundary of the downtrend cannel which, perhaps after some consolidation, it should proceed to break out of, probably against the background of continued gains across the sector.
There are two big reasons to believe that Dakota is done falling and is now in position to take off higher. One is that the entire sector is embarking on a major new bullmarket and the other is
the very positive news out of Dakota just this morning that it has intersected 25 grams per ton gold at Maitland .
Dakota is therefore rated an immediate strong buy as close to the open as possible this morning.
Dakota Gold
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Dakota Gold, DC, closed at $2.28 on 3rd April 24.
Posted at 9.27 am EDT on 4th April 24.