P. Radomski
CFA, Editor & Founder @ Sunshine Profits
Przemyslaw Radomski, CFA, is the founder, owner and the main editor of SunshineProfits.com. You can reach Przemyslaw at: http://www.sunshineprofits.com/help/contact-us/.
P. Radomski Articles
The price of gold moved higher yesterday, but did it manage to rally back above $2,000? No! Despite USDX’s weakness, it didn’t. And this means that the odds for a bigger rally from here declined while the odds for a bigger decline...
I wrote in number of occasions that the gold price was unlikely to hold the breakout above the $2,000 level. Last week provided the final confirmation. Gold price not only declined below $2,000 in a decisive manner. It not only closed the...
While I can’t make any guarantees, that’s very likely at this point. Gold hasn’t moved back below $2,000 yet, but what it did, however, indicates that such a move is just around the corner.
What Happens Before Bigger Declines? The clue to answering the above question lies in the final part of the rally that we saw last week.
Let’s start today’s analysis with a very short-term chart (hourly candlesticks) featuring the GDXJ ETF – a proxy for junior mining stocks. These miners have been the most volatile part of the precious metals sector – at least, it’s the...
Fear and greed are common in the market, and due to them, people tend to follow specific patterns over and over again, regardless of the exact economic surroundings and also pretty much regardless of the time when it’s all taking place....
Enough is enough. No market can decline without correcting every now and then. And both gold and the USDX point to an upcoming reversal. Let’s start with gold.
Gold stocks just closed at a new 2023 low! Not only that – miners declined more than gold while silver was “strong.” That’s a VERY bearish combo.
Looking at gold from the short-term point of view, we see that it paused for a brief moment at its 38.2% Fibonacci retracement level. Some will even say that there was a “big reversal”…
In all likelihood – yes. Then it’s likely to slide more – much more. With this pace (chart courtesy of GoldPriceForecast.com), gold could move below $1,800 in no time.
