RE: RE: RE: 'fungi' - AGM - gold is here to stay From a technical perspective, GBN busted through the short term(70 day) moving average for the first time since March of this year. Because of the length of time it took to get abover this level the breakout is significant.
The question here is whether or not the breakout has been confirmed .. such that this is a valid uptrend.
As is normal after a significant break of a significant moving average .. one expects a pullback.
The ideal situation is if the pullback just touches the moving ave and then resumes its path upward.
If a resumption upward is accompanied by increasing and expanding volume .. the breakout is confirmed.
So far .. we have retraced to exactly what is normal and the price is sitting just at the short term ma.
GBN needs to see a move up over the next week or so on increasing and expanding volume.
If the price can not hold or drops much below current levels this was a false breakout and that is not a good chart pattern.