Golden Prospect Precious... Share Discussion Threads

[papillon] 17/6/2021 16:29

And still the gold price drops! 1760 is a key support level for gold since it was the price at which the bullish double bottom formed earlier this year. If that fails then the next key support level is the double bottom @ 1680. If the 1680 support fails then we could be looking at a retest of the March 2020 lows! What a dreadful thought!

[papillon] 17/6/2021 14:12

1800 support didn't hold. Gold price (and silver) is being trashed. Reminiscent of March 2020. Will we see a rapid bounce back like in April 2020? Who knows? I don't! 😂

[papillon] 17/6/2021 12:07

There is some support to the gold price circa 1800.

[papillon] 17/6/2021 11:54

Well the gold price has dropped well below the 200 day SMA. Sold more GPM this morning.

[papillon] 17/6/2021 01:08

I sold 2 x 2500 GPM shares yesterday because the GPM Ichimoku chart had turned weakly bearish. 20k remain in my ISA. Wish I'd sold the lot now!! Doh!

[onedayrodders] 16/6/2021 19:54

FED Chairman Powell predicts 2 rate rises before end of 2023 ... yeah ok Pinocchio....But PM?s and stocks monkey hammered in the interimBut watch them wait until stocks drop too much and then another FED talking head will be given the nudge to soften the stance back to keep the game going longerMight not be today but a dovish comment is coming

[papillon] 16/6/2021 19:53

WOW! The gold price has fallen off a cliff! 😁 Presumably due to Fed news.

[papillon] 15/6/2021 13:25

Gold and silver prices are steady today, unlike copper, which is down around 4% today on the news out of China. That's a staggering movement for a base metal; more reminiscent of a crypto! 😁
Even yesterday's fall in the gold price was only 1.5%, It's always best to think in terms of percentages, that way price movements up, or down, are put in context.

[gateside] 14/6/2021 19:35

Gold Prices Tumble as Macron Calls for IMF Sales.

ADVFN... won't post the link to the article from Bullion Vault

[gateside] 14/6/2021 19:33

papillion... The 20 year chart certainly suggests a positive outlook for gold.

I have been surprised at how well the Markets have been doing this year and how lacklustre that gold has been. Golds weakness is suggesting that soon could be a good time to purchase into gold miners. Don't see it falling much further.

Gold weak again today, most likely as a result of the G7

[...]

[papillon] 13/6/2021 23:58

Gold & Silver 6 month Ichimoku charts. The line indicated by the arrow on both charts is a support line. A drop below that is bearish, but only weakly bearish.

[papillon] 13/6/2021 09:46

free stock charts from uk.advfn.com

This log version of the above chart shows the relative percentage rises of the gold price over the last 20 years. For instance the gold price doubled in the 2 years from 2006 to 2008, yet it took 4 years to double from 2016 to 2020

[papillon] 13/6/2021 00:57

Here's a 20 year gold chart, Gateside. I'm hopeful that the gold price performance over the last 12 months is following the pattern set in 2008/2009 (during the credit crunch) where the price, after a strong rise, dropped below the 200 day SMA before rising above it again and going off on another steep rise cumulating in the peak of 2011 and it's not like what happened in 2012/2013 when the price dropped below the 200 day SMA and stayed below it despite a few failed, short term, rises above it. The price then continued to fall steeply until the end of 2015.
There are lots of similarities between the credit crunch of 2008/2009 and this "Covid crunch" of 2020/2021 where, in both cases, governments are having to borrow vast sums. Back in 2008/2009 it was to bail out the banks and other financial institutions whereas now it's to support businesses (and their employees), such as hospitality, holidays and airlines, crippled by the measures being taken to "defeat" the Covid virus.


free stock charts from uk.advfn.com


I'll post Ichimoku charts for Gold, Silver and GPM tomorrow evening.

[melloteam] 12/6/2021 18:20

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[gateside] 11/6/2021 17:56

papillon... any charts you post are much appreciated. Cheers!

[papillon] 11/6/2021 17:48

Gateside 👍. If you're interested I'll post some charts over the weekend.

[gateside] 11/6/2021 16:03

Papillon... Been reading your previous posts. Informative stuff. Cheers.I've done very well out of POLY and looking to add another play on gold/silver. This complements POLY very well. Also no Stamp duty which is nice.

[papillon] 11/6/2021 15:56

There is support at 1850 for the gold price. At the moment the price appears to be consolidating before deciding whether to carry on rising, as it has been for the last few months, or drop down below that 1850 support. I'm gambling the gold price will continue to rise, bwtfdik?

[gateside] 11/6/2021 15:25

Been looking to invest here, as they hold a good range of PM miners, but gold looking weak this afternoon.

[papillon] 10/6/2021 21:27

I go by my charts, 12string, which only reflect investor sentiment, which in turn reflects the fundamentals. Obviously US inflation running at 5% is a serious fundamental and will affect how investors view gold and silver, which in turn will be reflected in my charts of gold, silver & GPM.
I'm very glad I topped up in GPM late yesterday.

[12string] 10/6/2021 19:11

US inflation came in at 5%. what else do we need to know?

[12string] 10/6/2021 19:11

US inflation came in at 5%. what else do we need to know?

[papillon] 10/6/2021 16:49

Who knows the reason, 12string? All I know is the Gold Ichimoku chart is still strongly bullish and while it stays that way I'm happy to hold GPM and occasionally add.

[12string] 10/6/2021 15:50

Interesting price action today ... overnight some more selling pressure brought silver down to below 2770. Then at the stroke of 13:30 a sharp move down to below 2740 to be followed by an equally sharp move back up to 2780 ... all within 5 minutes. The price has stayed positive on the day trading now at 2787.

Same thing with gold ... weak overnight down to 1877 by 13:30 when a sharp move down to 1870 followed by a very sharp move back up to 1886 all by 13:35. Price now at $1890.

Commercial banks trying to create weakness so they can close their shorts?