The Daily Gold, Released on 12/27/22
Lithium and Uranium are the commodities to avoid in 2023. Lithium has broken down technically and has plenty more potential to the downside. Uranium is a very popular commodity and the bulls tend to be overly enthusiastic. The uranium stock ETF, URA is close to breaking down. It is consolidating more bearishly at this point and is in trouble if it breaks below $18. It closed today at $20. The macro cycle is not favorable to energy stocks which tend to be a late cycle performer. Another leg lower in this bear market combined with a recession would hit energy stocks and uranium stocks also.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.