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Some basic information on GGP
Greatland Gold is a publicly listed exploration company with a key focus on tier-one gold and copper deposits. Greatland Gold share price is listed on the London FTSE AIM market under the ticker code of GGP. AIM is an acronym for Alternative Investment Market.
Greatland Gold GGP has a considerable retail base with the main attraction being the company’s asset in the world-class Havieron gold-copper deposit. This is in the Paterson region of Western Australia.
Latest news affecting GGP share price
On the 25thof August 2022, GGP share price devalued more than 7% on the news that it was to raise at least £25million through a private placing. The funds are being utilised to continue its development of the Havieron project. The placement was not offered to the retail marketplace.
Figure 1 Trading View GGP gap open
Precious metal ETFs
Let us look at the top 5 precious metals Exchange Traded Funds by total assets. Each shows a decline Year to Date of over 4%.
Figure 2 source: VettaFi ETF database 26/08/2022
There has also been a notable decline in the price of spot Copper and spot Gold from the March 2022 highs.
Figure 3 Trading View Gold and Copper decline
A look for a technical analysis standpoint
GGP weekly price chart
GGP share price looks to be trading in a solid weekly downward channel. The base of the channel is located at 6.250.
Figure 4 Trading View GGP channel base
GGP daily price chart
The share has a 261.8% extension level at 6.265 (from 13.74 to 10.88). A move to this level and Elliott Wave enthusiasts might consider this to be the end of a 5-wave cycle. They would then look for a corrective move to the upside.
This offers a technical support area at 6.265 (261.8% extension) and 6.250 (trend line support).
Figure 5 GGP 261.8% extension
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