Golden Prospect Precious... Share Discussion Threads

[papillon] 08/8/2020 23:51

This chart is probably more accurate than the one in the header. It shows the 14 day RSI went below 30 in March, but bounced off that 30 day (oversold) line in June. I prefer EMA's to SMA's and if the 50 day EMA does act as support then circa 60p could be the bottom. We'll have to wait and see. There has been very high volume during Thursday's & Friday's falls. The 14 day RSI stays overbought for a long time as the share price rises and only becomes oversold for a very short time. Lets hope that continues. Probably a good sign and an indication that the bullishness will very soon return. Obviously if the bullishness soon returns then GPSS is the one to buy. It all depends on the direction of the gold price. The gold chart indicates the bullish run will return, but that previous high (in 2011) of circa US$1920 could be retested before that happens.


free stock charts from uk.advfn.com

[atlantic57] 08/8/2020 18:17

Papillon with respect , surely everyone on here appreciates that nothing goes up in a straight line. If you have been clever enough to trade gpm profitabley using charting then i am very pleased for you.

Most Chartists use phrases like this could happen or if support or resistance are broken.Most are not able to predict with any degree of accuracy in terms of timing when something will happen. They are very good at telling you after the event that they saw it coming.

There is an honest piece below from David Brady which acknowledges this.

I am still anticipating a decent pullback, but now from much higher than anticipated levels. My expectation was that we would get the pullback first and then explode higher, but the market had a different agenda. The metals and miners exploded higher in a matter of weeks before (instead of after) the forecast reversal. But I still expect such a reversal to play out, to set us up for the final rally well into 2021 before the next big drop occurs. So there will be plenty of opportunities to buy the dip in the future.

That said, as I stated repeatedly in July, wait for a break of support for a confirmation that the pullback has begun. Back then it was 1750 Gold. We never went below that and instead skyrocketed higher. Today I will provide the levels to watch as a signal that the short-term direction has turned down. These are of course subject to change if the market continues higher. Until we break support, the trend remains our friend and the trend is clearly up.

[papillon] 08/8/2020 17:05

sp could go back down to the 50 day Simple Moving Average (SMA). It often does, as the chart in the header shows. Will it this time round? Who knows, but it's possible. Sometimes it goes even lower and back down to the 200 day SMA. Will it? Who kows, but it's possible. Sometimes below the 200 day Moving Average as happened in March. Will the same happen this time? Who knows, but it's possible. The 200 day SMA then acted as a very temporary short term resistance in March.

I forecast a possible temporary fall to 60-65p earlier this week. I now think a temporary fall to 55-60p is possible.

If you look at the GPM chart in the header you will see that the 14 day RSI has been below 30 (into oversold territory) thrice in the past 6 months. Once in March and twice in June. Buying GPM when the 14 day RSI rose above 30 again has proved to be an ideal time to buy in the last 6 months!

The gold price has had a big rise since early June so a drop was always a possibility. Even bullish stocks and commodities don't go up for ever. There are always pull backs and periods of consolidation. Canny investors (not too many on this bb unfortunately) know that, which is no doubt why gold stocks in North America and Australia have turned weak this week. The chartist guy on Palisade radio also foresaw a pull back in the gold price in his broadcast early this week, yet some on here ridiculed him as a know nothing ignoramus. There's none so blind as those that will not see!

[atlantic57] 08/8/2020 14:59

Thanks Steve I like the it skills to do that.

A Biden Victory would be bullish for gold...

[noirua] 08/8/2020 13:06

Precious Metals:

[steve73] 08/8/2020 12:01

Thanks atlantic - good link - clickable here..



I understand that he's suggesting gold at 3.3k, and G:S reverting to 15... Gives silver at $220....

[atlantic57] 08/8/2020 10:50

Sorry if i have not pasted this properly but the link is to Sprott Money and an interview with Sprott.

he seems to be on steroids as he is talking gold 3300 by 31 12 2020 and silver at 75 i think.





hxxps://www.sprottmoney.com/Blog/after-an-incredible-week-huge-things-happening-in-silver-weekly-wrap-up-august-7-2020.html?utm_source=newsletter&utm_medium=email&utm_campaign=wwu_aug/7

[different world] 07/8/2020 20:47

LOL vacendak.

All is coming good imo, today was a healthy prelude to the next up leg.

[different world] 07/8/2020 20:45

Important to note that since gold sailed through $2,000 per oz to an intraday high of $2071, it has maintained, even tonight after a pretty sharp pullback, a consolidation range of $2030-2050.

It's still there as I type at $2032.78.

Again, I have to mention the average. The August average so far is $2025.

By far the highest on record, so those thinking that the peak has happened and GPM's plays maybe are over the top should think again.

It's when the results come in from our plays that the true value here will eventually be realised.

Never have these smaller gold and silver plays had income and potential profits like now.

[vacendak] 07/8/2020 20:21

Quick I need to buy myself some more gold and silver to hedge against the losses in my gold and silver miners. :)

[different world] 07/8/2020 19:33

Gold holding on at $2030 and silver above $28 so no big deal really.

Can't understand what the fuss is about to be honest.

[different world] 07/8/2020 17:01

Gold hammered down to $2030, profit taking is healthy.

This will only be temporary, next week it will make new all-time highs.

[phoebusav] 07/8/2020 16:32

Silver now up again since US jobs data report. GDXJ also looks to have bounced nicely off long term support. Expect some more healthy consoldiation before we more higher. This week the smaller PM plays like CNR, GFM, CGNR, ERIS, GDP, UFO, KAT and JLP seemed to have perforrmed very well whilst the more popular stocks have tread water.

[different world] 07/8/2020 16:07

Decent day I reckon - still excellent value with good entry point, and a pretty good bounce off the low, considering gold is weaker today.

Still in the range $2030-2050 though so no harm done at all.

[32campomar] 07/8/2020 15:39

Think I spoke too soon!!

[steve73] 07/8/2020 15:05

Well the buying started just about where we dropped under the diluted NAV..

Our ASX were mostly down today, and our TSX have all except 1 dropped on opening.

Perhaps the buying was a bit too hasty...?

....and the subs are now more equally priced.

edit.. Yesterday's NAV just reported as 65.37p

[qs99] 07/8/2020 15:05

Decent volume again. SC selling still? Provides us all with a nice dip and buy oppo!

Cheers

[phoebusav] 07/8/2020 14:44

Good old fake jobs report. LOL

[kenmitch] 07/8/2020 14:06

papillon

I don’t know where you got the idea that I don’t agree re your NAV point.

I’ve pointed out several times that the 65.5p latest NAV reflects the subs being exercised and the higher 75.16p NAV figure if they expire worthless/very few if any more exercised.

[32campomar] 07/8/2020 13:46

Yes, if ever you wanted a better signal of the strength of the gold bull market it's gold shrugging off the stronger job numbers.

[different world] 07/8/2020 13:38

Gold showing strong resilience, $9 up from the earlier low, down just $5 on the day now.

[32campomar] 07/8/2020 13:33

Better US job numbers might mean bit of a pullback for gold short term

[different world] 07/8/2020 13:32

Jobs created up 1.8m - 400,000 more than expected.

Gold down around $13, but unemployment rate slowing down, so although not specifically bullish for gold today as state lockdowns look to continue it will support bullion as the Fed are forced to keep interest rates at zero and carry on with further stimulus measures.