Investorideas.com (www.investorideas.com Newswire) Gold is goneStill, miners pause after an initial surge and return intraday.
Once more.
The price of gold has moved markedly higher today, and while miners and silver went higher Mining stocks also failed to rise to new highs.
It’s all happening as the USD index reaches its highest values since mid-August.
The rally is not yet clear to most, even if the technical signs are clear.
Consequently, my previous comments about the situation remains current:
We saw one daily reversalwhich happened on high volume, and it all took place at the top of the lines that created the previous rising wedge formation, which itself was broken down.
That is a sell signal on top of a sell signal. confirmed by a sell signal with a new sell signal.
And this is all happening while mining stocks are extremely overbought and the USD index is recovering despite extremely negative sentiment and multiple fundamental headwinds.
This is an extremely bearish combination for precious metals mining stocks. Yes, I’ve written that before, and it was way too early. However, this does not mean that the current market analysis is incorrect.
(…)
The perfect storm for the precious metals market is approaching. Will gold be able to continue its parabolic rebound? That is not clear: the price has recently risen despite the rise in the USD, and the USD – despite the rise – is not rising in a way that would be obvious to everyone. The latter’s impact on gold could occur once the gold price rises even further.
The key point here, however, is that mining stocks are falling even as gold has risen. This means that even though gold could rise more visibly in the very short term, miners don’t have to follow suit. Just as we saw recently: their rallies can be small, and their declines can be significant. Just one daily drop in the price of gold could mean a drop in the number of miners from which they may not recover for months.
Today’s intraday high for gold was $4,071.50 – which is right in the middle of my upside target for gold. It could turn and reverse any day or hour now, especially with the USD index on the rise. When will the market realize that gold has risen too far, too fast, and that the USD index will actually start to rise? The above chart suggests this will happen soon or very soon – very, very likely this month.
All in all, it appears that the final part of gold’s parabolic upswing has arrived. Silver could still shoot higher, but with miners already refusing to hit new highs, it looks like this month will mark the turning point for all gold and silver investors. We are prepared for what is to come.
Thanks for reading my free analysis today. For more premium details, I encourage you to subscribe to my Gold Trading Warnings.
Thank you.
Przemyslaw K. Radomski, CFA
Founder
Golden Meadow®
Check out the Exploring Mining podcast on Investorideas.com with host Cali Van Zant for the latest mining stock news and insightful interviews with top industry experts
Last episode: https://www.youtube.com/watch?v=KRLWHJdZuSE
Research mining stocks on Investorideas.com with our free mining stocks list on Investorideas.com
Sign up for free stock news alerts on Investorideas.com:
https://www.investorideas.com/Resources/Newsletter.asp
About Investorideas.com – Great investment ideas
Investorideas.com is the go-to platform for great investment ideas. From the latest stock news to the 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 recommend the purchase or sale of any stock, service or product. Nothing on our sites should be construed as an offer or solicitation to buy or sell any products or securities. All investments involve risks and possible losses. This site is currently compensated for news publishing and distribution, social media and marketing, content creation, and more. Disclosure will be posted for each compensated press release, the content published/created if necessary, but otherwise the news was not compensated and was published solely for the benefit of our readers and followers. For specific questions, please contact each company’s management and IR directly. More disclaimer information: More disclaimer and disclosure information https://www.investorideas.com/About/Disclaimer.asp Global investors must comply with the regulations of each country. Read Investorideas.com’s privacy policy: https://www.investorideas.com/About/Private_Policy.asp
#Gold #silver #rise #miners #test