The Daily Gold, Released on 10/14/22
Gold and Silver had rough weeks, losing 3.5% and 10% respectively while the stock market was down only some 1.5%. The CPI reading days ago reiterated that the Fed has more tightening to do and so recession concerns were mitigated, at least temporarily. In this video we discuss potential downside targets for Gold, Silver, GDX and GDXJ and discuss key sentiment readings for Gold. The setup which includes the Fed ending its hikes, is one that could lead to a major bottom in precious metals over the next month or two.
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.