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Talking charts, SHG needs a close above 16p to break the strong resistance line from 15-Oct-20 > 22-Jan-21. Price tested this on 22-Apr and fell back immediately. A break and close above this leaves clear air above for price improvement.
Charting may be inconclusive but many ii and pi set take-profit/stop limits based on clear resistances or support lines which in turn makes the chart signals self-fulfilling. Breaks of these set a new phase. So will be interesting to watch this develop once this resistance line is broken!
Shanta Gold target hiked by Liberum to 30p following scoping study results at West Kenya.
Looking like the overhang has cleared and that the herd are arriving :-)
Some are better than others Tony, it's just in the end, with the benefit of hindsight, I usually find I'd have been better off ignoring what everyone else says, and just going with my own analysis/gut. So I try to do exactly that :)
Anyway, enough about chartists, as Magoo79 points out, lots to be excited about with Shanta with all the drilling they're doing this year, and if the recent upturn in gold has cleared our seller just before news....even better!
Shanta are giving a presentation here on the 25th and I would expect them to deliver some news prior to that. I seem to remember that during the last presentation on investorsmeetcompanies EZ hinted at some news on WK "in a couple of weeks". About time then to get some drilling results and perhaps some positive news on the VAT dispute..
Rich
Rich
Radomski (chartist) I ignore for the reasons you give. Curry was right since November and he has the peak on gold as being today. If Curry is wrong its the first time this year. Its not a perfect science. I use both fundamentals and a bit of charting. The important thing is to have your own approach that works best for you and gives the best success rate. Tony
Well, ten years of looking at this stuff hasn't changed my mind, so it's pretty unlikely that I'm going to now. ;)
As each year passes I generally just find more evidence that following the opinion of chartists would have made me make the wrong decision! (and the majority of the times it would have been right it was a statement of the obvious)
OOps pound to USD.
Looks like the 6% adjustment has just been made on Shanta. Of course that VAT repayment can be made at some point as well. (Shanta keep same percentage gold profit despite the metal prices rising may help pay off some of the VAT backlog.
Nice start to the day. Still can't believe the SP is down here but it's been handy for topping up!
I used to think like that Rich, though charts were a waste of time because gold was so manipulated, but I have changed my mind in recent months. The great thing is it becomes very obvious if chart reading is correct or otherwise.
Pound to sterling wasn't 1.321 Tony.....that'll definitely have been 1:1 ;)
Charting is largely little better than astrology. In fact it's got a lot in common with it ;)
You can boil a huge amount of it down to three basic things: it's rising so buy it / falling so sell it, it's risen a lot fast so sell it, or it's at a previous level it's bounced off up or downwards - so buy/sell it.
Personally I find you're better off just observing basic trend channels / obvious levels and ignoring the rest.
I'd rather follow Russell Grant's advice on shares than some internet "chartist" ;)
6 months ago gold was at a low of 1675 or so and the rate pound to sterling was 1.321. Today that currency rate is 1.418. So the move to $1797 gold price is just a currency adjustment as UK miners do not earn more money in our currency. Any increase in miners is only attributable from 1797 to 1871 say. Of course the miners have increased costs in their host countries. Therefore it should not surprise us that the miners are not doing much up until now. (The real growth in Shanta is in future production).
Absolutely agree, the guy I follow gives advice for leveraged players, (not me), he is expecting a powerful move up in June. Just surprised at how poor Shanta has performed.
Chartists are on dodgy ground at present because we are in a unique situation. I cannot guess which way gold will go in the short term but longterm it will only go one way and that is UP.
Chartists reckon gold daily cycle high in the next day or two, gold price going to be moving down again soon and Shanta hasn’t responded at all.
Disappointing. Made some big gains on the rest of my portfolio yesterday.
The gold price could be $1700 and this would still be worth much more than the current SP ;)
Just need a burst of buying to come and clear this drip drip seller holding things back at the mo.
Gold going through1850, a key level.
If it holds looking bullish here, could be an important week.
If my daughter asked if she should invest in dogecoin I'd give her a verbal slap and tell her not to be such an idiot!
(OK I wouldn't - as I'd actually be very impressed she knew the word invest at her age - but the principle still stands)
Governments have been spectacularly slow to regulate (or crush) crypto but their dozy-asses are gradually starting to wake up to the fact it exists and some of its problems, whether it be crime, the environment, or more importantly for them...loss of control of financial levers.
I'd be delighted if they just banned all of them overnight. Not only would it decimate the wealth of a lot of organised and non-organised crime, it'd prevent a lot more people getting suckered in - in the coming months/years, and most importantly....stop my inboxes getting crypto-currency scammers which are now dwarfing all other sorts of spam!
People need to realise crypto-currency isn't a technology, it's not a revolution, it's just a pyramid scheme based on exploiting the fact don't understand the difference between "blockchain technology" and coin, on top of the fact people will buy into any pyramid scheme they can see working. That's why pyramid schemes work.....until the moment they go pop and screw a larger amount of people over than the early winners.
PS - would someone please tell the seller, who's having their order dripped into the market, to make like a shepherd and get the flock out of here.... ;)
I know it is frustrating. My daughter asked if she should invest into dodge coin yesterday. I might have a dabble with a small amount. But my last three investments have been into a silver miner, a gold and copper miner and the GDX. I follow Gary Savage he called the daily cycle low yesterday or today. Gold was brought down by whispers of an early rise in interest rates, the fact that stock market has resumed an upwards path means inflation is officially transitory and interest rates won’t be going up for a long time. This is why I say gold looks good. As soon as we breach the old high we should get a very powerful move. Gary Savage reckons Nasdaq will get a melt up through the summer then very significant correction in the Fall. Copper could still double from here. I am invested in a copper miner in Cyprus. Commodities have many years of upwards direction ahead of them. I am hoping we get a summer of price advancement in the mining sector. It has been an immensely frustrating few months but I am seriously hopeful we are off to the races in the next couple of weeks.
Stock markets resuming upwards path.
Suspect correction is over.
Looks very positive for gold from here.
Come on Shanta wake up.....