Investorideas.com

Call 800 665 0411 to learn about our services

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

Once Again, $2000 is a Ceiling for the Price of Gold

 

April 25, 2023 (Investorideas.com Newswire) 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 increased.


Moreover, the volume on which gold moved higher yesterday was small, suggesting that the move higher was a countertrend one.

The rally in the junior mining stocks was negligible as well.


The GDXJ ETF price moved slightly higher, but it didn't move to, let alone above its previous 2023 high.

This means that moving back below that high was not accidental, and the GDXJ wants to move lower.

Context Provided by the USD Index

As always - context is very important. And at this time, it's provided by the USD Index.


The U.S. currency declined in a way that wasn't particularly significant from the long-term point of view, but the near-0.5 move was quite notable on an intraday basis. It was big enough to trigger bigger declines in gold and mining stocks.

But it didn't - and that's the key thing here.

Precious Metals Already in a Downtrend

The precious metals sector could have used USDX's decline as an excuse to move higher in a visible manner and move back above the $2,000 (gold) and previous 2023 high (GDXJ) price levels. The fact that this didn't happen shows that the precious metals are already in a downtrend.

All in all, the points that I made yesterday remain up-to-date. If you haven't had the chance to read my yesterday's analysis, I suggest reading it today.

In other news, the FCX share price declined a bit yesterday.


This means that our profits in this position increased a bit. Given the situation in the precious metals market, it seems that the GDXJ will join in in this profitability in the not-too-distant future, and both positions will become very profitable in the following weeks.

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. 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: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp







Gold Mining Stocks - Gold Mining Stocks Directory, Gold Stocks News, Research and Resources

Gold-MiningStocks.com - investing ideas in gold and mining stocks

Like Gold Stocks? View our Gold / Mining Stocks Directory

Get News on Mining Stocks