Premier Gold Mines Ltd. - $PG.TO / $PIRGF Rounding Bottom

After recapturing its 200 DMA last month (May), Premier Gold Mines Ltd. PG.TO / PIRGF has continued to grind higher trading above all of its important moving averages (20/50/200 DMA's) and now finds itself rapidly approaching and important inflection point.

In addition to appearing to have put in a double-bottom at the $1.40 level on the Weekly time-frame, we can also observe from the Daily chart above that PG.TO also appears to be carving-out a rounding bottom.

Nevertheless, the action remains constructive from a technical point of view as the stock continues to display favorable characteristics.

Moving forward, both investors/traders may want to keep a close eye on the $2.15 level and important inflection point as well as potential short-term resistance. Should PG.TO be capable of going topside and clearing the hurdle at any point in the days/weeks ahead, such development would likely trigger its next advance into the $2.40/$2.50 zone with a secondary potential objective residing in the $2.60- $2.80 area.

Thus, both investors/traders may want to continue to monitor the action closely moving forward for a potential break into higher ground.