Gold is a little extended from the average of the four best cyclical moves. It could move sideways for over four months and still maintain the average line.
Sharp rally to new highs in gold, smaller rally and not to new highs in silver, and a head-and-shoulders pattern in the GDXJ – that’s exactly what we see right now.
Gold hits record high above $2,790 on dovish central bank moves and demand from safe-haven seeking investors. Fed holds rates steady but hints at potential cuts.
Gold and Silver had a strong week while the miners showed less strength. We see a bit more strength before metals and miners retreat from resistance again.
Gold Miners Junior is an exchange-traded fund (ETF) managed by VanEck. This ETF primarily invests in small-cap companies in the gold and silver mining sector.
Benzinga noted four mining stocks to follow in 2024: Aura Minerals, OceanaGold, Alphamin Resources, and B2Gold. These companies saw mixed results in a year that had some tailwinds like green tech demand, persistent inflation, and record gold prices.
The Federal Reserve somehow surprised traders with a hawkish rate cut this week. While that had been expected, apparently the Fed’s projected rate-cut trajectory slowed even more than feared.
Gold price in terms of the euro had rallied substantially in the previous months, but based on the RSI indicator it rallied too far too fast, and it now needs to correct or decline in a more profound manner.
