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Dundee Precious Metals Inc. - (DPM.TO) - March 14, 2023

Gold producers have been attracting renewed interest this week in the midst of turmoil in the US banking system. Dundee Precious Metals (DPM.TO) is the highest ranked gold producer in the SIA S&P/TSX Composite Index Report, sitting in 7th position after climbing two spots yesterday. We last mentioned DPM.TO in the January 17th edition of the Daily Stock Report, at which time it had just returned to the Green Favored Zone for the first time since November of 2020. Since then, the shares have climbed 13.0%. Back in January, Dundee Precious Metals (DPM.TO) broke out of a base clearing $7.00 to complete a bullish Ascending Triangle pattern. Since then, the shares have remained under accumulation, snapping out of a downtrend and climbing up into the $8.75 to $9.25 area, holding above its 50-day moving average, which has completed a bullish Golden Cross above the 200-day average.

A continuing trend of higher lows indicates continuing investor attention, and the shares are currently approaching resistance near $9.25. A close above that level would confirm an ongoing uptrend with next potential resistance near the $10.00 round number, which coincides a measured move from the triangle base, and with a late-2020 peak for the stock, followed on trend by measured tests near $10.75 and $11.50. Initial support appears at the 50-day average near $8.25.

After staging a major breakout rally in December and January, Dundee Precious Metals (DPM.TO) dropped back in February in what appears to have been a moderate correction. The pullback was not enough to trigger a high pole warning, so the shares remain on a bullish Spread Double Top signal. This month, the shares have started to advance once again, moving back into a column of Xs.

Currently, DPM is bumping up against $9.20 established resistance where a breakout would signal the start of new upleg. Next potential upside resistance appears near $10.00, where the October 2020 peak converges with a round number, the

$10.55, which is based on a vertical count. Initial support appears near $8.30 based on a 3-box reversal.

With a perfect SMAX score of 10, DPM.TO is exhibiting strength across the asset classes.

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