The Daily Gold, Released on 10/18/23
Gold put in a low less than two weeks ago, which was followed by a gap up and a stealth rally. Then it exploded last Friday past $1940/oz. When considering technicals and the Gold CoT, a sentiment indicator, there is some reason to believe in an important bottom. The gold stocks were nearly extremely oversold levels at the recent bottom. It’s the kind of oversold condition that could lead to a multi-month rebound. As always Gold’s performance against the stock market is needed to cement a low and help Gold rally to and past $2000/oz.
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.