Investorideas.com (www.investorideas.com
Newswire) Gold’s up, yet miners pause after an initial move up and reverse on an
intraday basis.
Once again.
Gold price clearly moved higher today, and while miners and silver moved higher as well, mining stocks failed to move to new highs.
It’s all happening while the USD Index is reaching its highest
values since mid-August.
The rally is not yet obvious to most, even though the technical signs
are clear.
Consequently, my previous comments on the situation remains up-to-date:
We saw a daily reversal, which happened on big volume, and it all took place at the vertex
of the lines creating the previous rising wedge formation, which
itself was broken to the downside.
That’s a sell signal on top of a sell signal, confirmed by a sell signal with another sell signal.
And it’s all happening while mining stocks are extremely
overbought, and the USD Index is rallying despite extremely negative
sentiment and multiple fundamental headwinds.
This is an extremely bearish combination for the precious metals
mining stocks. Yes, I did write that previously, and it was way too
early. However, this doesn’t mean that the current market
analysis is incorrect.
(…)
The perfect storm for the precious metals market is brewing. Will gold
be able to continue its parabolic upswing? It’s not clear
– it recently rallied despite USD’s gains, and the USD
– despite moving higher – is not rallying in a way that
would be clear for everyone. The latter’s impact on gold could
kick in once gold moves even higher.
The important thing here, however, is that mining stocks are moving
lower even though gold is up. This means that even though gold could
rally more visibly in the very near term, miners don’t have to
follow it. Just like what we saw recently – their rallies could
be small, and their declines could be significant. Just one daily
decline in gold could mean a slide in miners from which they would not
be able to recover for months.
The today’s intraday high of gold was $4,071.50 – which is
in the middle of my upside target for gold. It can reverse and side
any day or hour now, especially that the USD Index is on the
rise. When will the market realize that gold went up too far, too fast,
and that the USD Index is actually starting to soar? The above chart
suggests that it’s going to happen soon or very soon –
very, very likely this month.
All in all, it looks like the final part of gold’s parabolic
upswing. Silver could still shoot higher, but since miners already
refuse to move to new highs, it looks like this month will mark the
turning point for all gold and silver investors. We’re prepared
for what’s to come.
Thank you for reading my today’s free analysis. For more premium
details – I encourage you to subscribe to my Gold Trading Alerts.
Thank you.
Przemyslaw K. Radomski, CFA
Founder
Golden Meadow®
Exploring Mining Podcast with Investorideas – get mining stock news
from TSX, TSXV, CSE, ASX, NASDAQ, NYSE companies plus interviews
with CEO’s and leading experts
Check out the
Exploring Mining podcast
at Investorideas.com with host Cali Van Zant for the latest mining
stock news and insightful interviews with top industry experts
Latest episode: https://www.youtube.com/watch?v=KRLWHJdZuSE
Research mining stocks at Investorideas.com with our free mining stocks directory
at Investorideas.com
Sign up for free stock news alerts at Investorideas.com:
https://www.investorideas.com/Resources/Newsletter.asp
About Investorideas.com – Big Investing Ideas
Investorideas.com
is the go-to platform for big investing ideas. From breaking stock
news to top-rated investing podcasts, we cover it all.
Learn more about our news, PR and social media, podcast and content
services at Investorideas.com
https://www.investorideas.com/Investors/Services.asp
Follow us on X @investorideas @stocknewsbites
Follow us on
Facebook
https://www.facebook.com/Investorideas
Follow us on YouTube
https://www.youtube.com/c/Investorideas
Contact Investorideas.com
800 665 0411
Disclaimer/Disclosure: Our site does not make
recommendations for purchases or sale of stocks, services or products.
Nothing on our sites should be construed as an offer or solicitation to
buy or sell products or securities. All investing involves risk and
possible losses. This site is currently compensated for news publication
and distribution, social media and marketing, content creation and more.
Disclosure is posted for each compensated news release, content
published /created if required but otherwise the news was not
compensated for and was published for the sole interest of our readers
and followers. Contact management and IR of each company directly
regarding specific questions. More disclaimer info: More
disclaimer
and
disclosure
info
https://www.investorideas.com/About/Disclaimer.asp
Global investors must adhere to regulations of each country. Please read
Investorideas.com privacy policy:
https://www.investorideas.com/About/Private_Policy.asp
