Like physical gold, GORO has recoiled sharply from the brink to spit fire once again. Although a 19.20 downside target given here earlier will remain valid in theory until such time as 28.70 (aka point ‘C’) has been exceeded, the stock as a practical matter is out of trouble. Furthermore, today’s gap-up rally has created a robust impulse leg on the 180-minute chart that all but guarantees buoyant prices for the near- to intermediate-term. The rally as of this moment is within easy distance of racking up yet another daunting “external” peak before the day is over, which if accomplished would further buttress bulls.
