Jordan Roy-Byrne: Pinpointing the Bottom in Gold & Gold Stocks
The Daily Gold, Released on 7/13/22
The bullish reversal in precious metals today coupled with a change in the market's expectations of Fed timelines has us thinking about a potential bottom in precious metals. Indicators show that GDXJ is at its most oversold point since late 2014. Gold is pretty oversold as well. So a rally is to be expected and likely began this morning. Fed expectations over the coming weeks could tell us if this is the bottom or if there might be another low coming. It could depend on how quickly the market anticipates a Fed pause and rate cuts. Right now, the peak rate is anticipated in December and a rate cut is anticipated by March. Those timelines need to continue to move closer to present for Gold and gold stocks to have a lasting bottom.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.
Jordan Roy-Byrne: Pinpointing the Bottom in Gold & Gold Stocks added by Herman James on 07/14/2022View all posts by Herman James ?+'