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1. The retreat has not been that tidy.
4 chart gaps have been created.
30 Jan 113.65p to 113.05p.
31 Jan 112.35p to 111.98p.
2 Feb 108.9p to 108.21p
and finally on Friday 10 Feb 102.45p to 102.17p.
This breakaway down above tells us at some point this will be tidied up in a future rally as RNS data was not the cause of the retreat.
2. The daily chart has Centamin on a support line at 99-100p area. A daily support can be found at 94p and 90.1p.
3. Weekly support has support at 94p.
Charts are not perfect to determine a market bottom position. Other data can arise which break existing support lines. Equally, favourable data can initiate rallies. Centamin is front running the gold price drop along with GDX ETFs and most other miners doing the same. Shanta Gold is a particular exception and the RNS this morning shows the reason why.
My strategy is to slowly drip feed buys in. Currently 10% of the position is on. For those going all in at 94 and 90p is that if the bottom is decided to be at 95p or 99p you having nothing on. Centamin could turn as gold continues to fall if it continues to front run gold prices. Tony
As i said- if the data released in the usa this week supports the drivers for gold it will rise and so will cey- and the opposite of course - nothing to do
with charts- they simply provide a rationale was occurred not will occur
@TTony good analysis - I have been watching cey for a while (as a second, more established gold play to join SHG in the portfolio) and targeting a 90p entry, may go slightly higher if the gold pullback looks like its ending. Good luck all
Need to be stay alert and nimble but lots of chartist predicting the pullback to $1800.
Absolutely no concerns for those holding and not trading as the same chartist are saying retest of that $1800 then gold going on to establish New ATH's.
Those glued to screens will be scaling in as the price action unfolds.
it can be dangerous waiting for a price to come to you as when it doesn't you can be left kicking yourself
GLA
In a 3 monthly chart
GOLD v C£Y
CEY is well underperforming the Gold price
Chart Gold v CEY .. https://uk.advfn.com/p.php?pid=chartscreenshot&u=urjYNkoPPPDrIMmhRRDavCESsyKfecf8oue0VmwEOsQ=
SP could easily bounce from the 150 days Moving average.
Chart with 150 days MA... https://uk.advfn.com/p.php?pid=chartscreenshot&u=MFU11k/lBBNPss9GjCmEzR4pb0%20Cj8A7L/kjM4ElEsg=
100p had ben reached
US CPI data coming in higher
All looking good.and then a slight push down on the gold Price to $1847 at US.market open
Good post Sotolo.
Markets are forward looking.
Best to discuss management strategies moving forward
Then V shaped recovery in Gold price within 30mins.
Back in positive territory at $1863
HAPPY VALENTINE'S DAY
"Let us always meet each other with smile,
for the smile is the beginning of love."
— Mother Teresa.
Pic of Love ....https://i.postimg.cc/dtCNk6dp/mlove.gif
And the UT trade was large @ 100.55p
for 1,630,908 shares
MasterRSI your Valentines post should have 10 likes but I’m afraid in the current world we live peoples opinions are on other things and are forgetting the importance of goodwill.
Thanks for your posts, I’ve been following.
The UT is irrelevant Master RSI- and forgive me for being sceptical on the charts, but what happened when you posted a week ago when you posted when the SP reached 108.10 "Lovely opening on the share price up to 108.10p. but had to go back to yesterday's closing spread and start again on the way up.
Gold price on the rise - XAU/USD $1,885.30 +11.49 +0.61%, which will further help on the UPtrend."
Where was the ~10% drop to the low point today in the charts?
re- The UT is irrelevant
Not in my books, as it mean 1,630,908 shares has been sold and are of the way, d the same amount has been bought.
re - chart
Nothing goes in a straight line ( Stevee ) yes the 108.10p was the signal from the order book as the top for the moment being ( spike to the top )
It's irrelevant.
As for the signalling the top, but still there is an uptrend is then explained "you see i was i was right" should the 108 get exceeded at any time in future whether it it be an hour, day, week, year and so on- so again pointless- you may as well flip a coin. it's like "support line is x" then when it's broken a statement is made new support line is "y" so support is support until support is no more- again
pointless - patterns are frequently justified by different timeframes in charts - eg when
uptrend is clearly downtrend , chartist just go to a different timeframe to suit the narrative- pointless. Years ago autotrading systems may have used them
in some way by today's algos are way more sophisticated than this, so again the charts we see are pointless
All chartists do to is sucker more newbies into trading and trading cfd's into stocks, commodities and crypto to provide more cash to transfer out of their pockets and generate more clicks for them
Tops and bottoms, and trends and mends.
Really, money is for transactions, and this is the purpose of money It is NOT a store of weath ! It is a vehicle of convenience.
The value of money has almost montonically decreased in terms of purchasing power and other metrics, consistently over decades. It is only going to get worse.
DO NOT BE HOLDING TOO MUCH MONEY ABOVE YOUR TRANSACTIONAL NEEDS !!!
Gold will be around far longer than the latest fiat printing efforts
Get wise.
Gold. Gold Producers. Gold Royalties. Gold explorers
goodnight and good luck ....
the gnome
re - the charts we see are pointless
I see your comment as pointless as the uptrend and downtrend you have mentioned will depend on the time frame one takes.
A change of direction was taken when I did say, and yesterday could be another move to it, though today's large drop on the Gold price does not help much but despite that share price is UP, to start the day, how long is going to last is another thing.
All metals and Oil prices are well down by over 1%.
Centamin got oversold and so a little bounce arose. At some point more selling can occur. We do have some support lines appearing and the first is at 98.2p which a good bounce arose the other day. I would not be surprised if we get a retest.
goldgnome
re - goodnight and good luck ....
On which planet do you live?
goodnight at 8:12 in the morning, even in the further west US will be in the morning.
Exactly my point- everyone interprets the charts they way they wish and then claim they were right- but charts are fact as in the past- they are completely useless at predicting the future as you have proved- there is a 50% chance of a stock going up or down- chartists use what ever timeframe they want to make sure it fits what they said- AFTER the event
Stevee
re - Exactly my point
- eg when
uptrend is clearly downtrend
I will be nice to you by saying.... we are dealing with a "nutter"
You do NOT believe in charts but saying is "downtrend"
as we are dealing with someone who likes to "ARGUE"
enough said
Lol- you do make laugh.
When the price rose ~2weeks you posted DAILY on your +~1, +~2, +% etc etc , displaying how you were right. But when the price started to go down you didn't post anything., where were the daily updates in the same way showing all the superseding days you were wrong?
At 108 SP, when it dropped to 106.85 you said """...and start again on the way up.... Gold price on the rise - XAU/USD $1,885.30 +11.49 +0.61%, which will further help on the UPtrend."""
So you said it will go up from 106.85, this is the price when you posted this and it's on your post as time and price stamp automatically by the board. (Well, we can clearly see that the SP is still well below that!).
Then we hear nothing. The DAILY updates showing how right you were are no longer there as the price kept going down DAILY, so instead of showing how wrong you were with the losses eg ~minus 2, minus 3 etc., you simply don't post anything. Now, of you claim that this is because of the chart timeframe!
So, the way you work is clear, if the SP increase DAILY, you historically claim you timeframe was DAILY, and when it drops DAILY you say nothing and claim that the timeframe is sometime in the future. So if the SP goes to say 110 at the close today you will claim tomorrow that the uptrend was 10days and not a DAILY one.
Wow- what a genius- laughable!
You are a joke.
stevee
YOU are a LIAR
I posted on the 9th on the way down
"Going down , again! 09 Feb 2023 11:03
mrtibbles
Patience is a virtue that you are losing at the moment
104.85p -0.50p"