originally published Sunday, November 26, 2023

All Gold & Silver Stocks

Victoria Gold is another gold stock that got quite badly beaten about by the sector downtrend of the past few months, although as a mid-cap stock it has not suffered as severely as many juniors.

On Victoria’s 6-month chart we can see that, like Orford Mining that we are also looking at this afternoon, the price went into a severe downtrend in mid-July that continued until early October. Also like Orford it has been basing in recent weeks, but while Orford has marked out what looks like a Flat Pan base, in the case of Victoria it looks like it is completing a rather fine Double Bottom. It already rose smartly out of the 2nd low of the Double Bottom about 10 days ago and in recent days it has been digesting this move and consolidating beneath the resistance that marks the upper boundary of the base pattern. There is still a significant gap between the price and the 200-day moving average which is a measure of how oversold it still is and momentum (MACD) is recovering nicely and is starting to enter positive territory.

Whilst we cannot rule out another minor dip, this is considered to be a good point to buy Victoria Gold here or add to positions, especially on any minor dips although there may not be one.

Victoria Gold Corp website

Victoria Gold Corp., VGCX.TSX, VITFF on OTC, closed at C$6.28, $4.64 on 24th November 23.

Posted at 4.40 pm EST on 26th November 23.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stockmarket analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.