Westgold Resources WGXRFThis Australian gold miner just published expectations for 2025 - forecasting 100% increase in total production of Gold and the gold sells 25% higher than 2023. The chart displays a strong buy technical opinion the fundamentals are substantially greater then 2023 after it acquired another Gold mining company Karora resources. It now trades in striking distance and a new high - which is appropriate.
WGXRF trade ideas
Westgold Resources, WSXRWestgold Resources, a debt-free miner, has seen its earnings surge by 852% over the past year, outpacing the Metals and Mining industry. The company was recently added to the S&P/ASX 200 Index and provided an optimistic production guidance for fiscal year 2025, targeting up to 420,000 oz of gold Or 1 Billion in sales. Additionally, Westgold is accelerating drilling at its Beta Hunt mine's Fletcher Zone with three rigs on-site. Notably, net income for Q4 reached A$51.16 million compared to A$17.05 million last year.
Short on WXG
WXG is currently in an ascending wedge with bearish RSI divergence with the MACD rolling over and on a smaller timeframe has formed another ascending wedge also with bearish RSI divergence. Look for a break of trend on smaller timeframe for entry, SL at last swing high with target of $1.74, moving SL to BE when safe to do so.
Westgold Resources - It pays to be long following 4 down weeksWestgold Resources is down approximately 30% over the past 4-weeks. Since listing in 2016, WGX has only experienced 4 consecutive down weeks on 10 occasions. Following this & looking 4-weeks forward, WGX provided an average gain of 5.9% with a 9 from 10 win rate.
Disclaimer: This data is not financial advice. Past performance is not a guide to future performance and may not be repeated. Past performance does not diminish the risk expectancy of any strategy. By its very nature ‘risk’ means you could and most likely will experience losses. No representation or warranty is given as to the accuracy or completeness of any information provided. Data is for educational and informational purposes only.
WGX - Trade PlanMy trading Bias for WGX is Bullish as it has clearly and decisively broken and closed above the Bearish Trendline coupled with very High Volume. MACD is about to give a Bullish Cross Signal and RSI has come out of the Oversold region.
TP ~ $2.40 (Potential Gain 13%)
Stoploss - $1.75
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
It is all about Gold ? Part 4WGX is focused on development and production from its projects - Central Murchison Gold Project (CMGP) in WA & the Rover Project in NT. Together they contain a combined 3.92 million ounce of Gold. The price has formed an inverted H & S pattern & is at the neckline. Watch the price action for a favourable trade.
WGX Presents a buying opportunity Will after selling a couple of months ago, slightly too early @ $2.35, I stopped myself from FOMOing in.
Today we have a high probability that WGX will start moving up again.
We have a nice candle here possibly hammerhead
Price sitting right on support While touching the low trend of the Linear Regression.
Bottom Finder Indicator and MFI signalling oversold.
What to look out for: Price closing below the Linear Regression in its upward form could bring further lower prices. But the fundamentals in this stock is pretty good.
It is a good time to be in Gold stocks much more than Crypto right now