We also plot $GDXJ and the number of new 52-week lows, smoothed with a 10-day moving average. The recent divergence is in line with the divergences at the 2018 and 2016 lows.
In my last update, I outlined my expectations for us to move into a long-term bear market which can last anywhere between 7-20 years. And, many commented that a 20 year bear market is simply not possible.
We have maybe another month or two months until this phase is done. You have not missed the big opportunity, it is still here. Do not play with leverage!
Gold faced a frosty reception on Friday as well as fear of higher interest rates and the soaring dollar again almost wiped out a good week. But we continue to see positive signs there and gold stocks remain undervalued and underappreciated.
The best performing precious metal for the week was platinum, up 6.48%. The increase may have been buoyed by a report by the Hydrogen Council in collaboration with McKinsey & Co. that notes that to reach the goals of the Inflation Reduction Act..
To be sure, Gold just recorded a second consecutive up week for the first time since early August. But did your portfolio manager purchase Gold such as to increase your percentage exposure? Our guess is no.
November 2 is the next FOMC meeting. We have the PCE and CPI inflation numbers coming up that can alter if the Fed does 75 basis points or ... ? For Gold, it had a good week but so far the chart shows a bounce in a bear market..
The Dollar soared again and oil moving too. Gold has a nice bullish set-ups, but a break brings $1,683 area into support. $1,738.80 next upside moving average..
