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Can Gold's Rally Climb Higher?
Will the Gold Rally Continue?
Gold has been on a very strong rally off of the 52-week lows made previously this year. All year long gold's value has been held down by the strength of the dollar rally. The strength in gold started when the market started to believe that the Federal Reserve will begin slowing down its interest rate hiking regime. Many investors exited their long dollar position in masses in anticipation that treasury yields will no longer climb now that the Fed is changing their policy position. This seemingly ended the dollar rally and started the rally in gold futures.
Can the Federal Reserve Hold Gold Down Any Longer
Gold is already up over 11% from its 52-week lows. This is ultimately due to the falling dollar. Once again the Federal reserve hinted towards higher rates for longer at their last meeting which decided interest rates moving forward. But the market does not seem to agree with Jarome Powell as the dollar is still in a technical downtrend and treasury yields have not pushed upward like they have in the past after the Federal Reserve released their interest rate reports. So for now it seems like the Fed has not killed this gold rally yet like they have seemingly killed the equity/Santa rally.
The BOJ Policy Shift is Dovish for Gold
Another apparently positive factor contributing to the strength in gold is the recent Bank of Japan’s policy change. The BOJ’s recent monetary policy shift has led to investors piling into the yen which is weakening the US dollar further. This trend should last for some time. As long as the yen is showing upward strength then it will indirectly be good for gold.
Things are Looking Bullish for the Precious Metal
All of the macroeconomic, geopolitical, and market forces are pointing towards more gold bullishness. Remember that the market can do whatever it wants at any given moment. And many investors much smarter than me are saying the BOJ's decision is bearish for gold. I don't think so but I am just following the trend until it flips over again. So don't get caught off guard. And gold has already jumped 11% off of this year's lows so it may be smart to wait for a small dip to buy into before buying into these highs. If the dollar and treasury yields begin to show strong upside strength then, in theory, gold futures will show some downward movement. So keep your eyes on the dollar and yields.
I should also mention that the majority of investors are calling for a recession in America. If this happens then gold might return as the ultimate safe haven. I don't think the US dolar will be a haven in an American recession. The yen could possibly return as a safe haven as well if its value keeps climbing. But that is another story.
Check Out the YouTube Video to Get Insight Into Gold Futures
If you have kept up with my gold futures playlist on my YouTube channel then you would have had the perfect entry into a long position on gold futures or gold related equities. I went over my thesis for buying into gold and it has really paid off so far. You can see the entry point illustrated in the picture above. These opportunities happen often.
So check out this short video describing the current technical picture for gold. It is always good to catch any extra insight right? You will get all of the technical support and resistance levels mapped out for gold futures in this video. These are the levels to watch for potential reversals or dip buying opportunities. Feel free to like the video and subscribe. It would be greatly appreciated. Click the link below to watch the video.
$Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $Ishares Iboxx $ High Yield Corporate Bond Etf (HYG.US)$ $Ishares Iboxx $ Investment Grade Corporate Bond Etf (LQD.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Crude Oil Futures(MAY5) (CLmain.US)$ $VanEck Gold Miners Equity ETF (GDX.US)$ $VanEck Junior Gold Miners ETF (GDXJ.US)$ $Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG.US)$ $Abrdn Precious Metals Basket ETF (GLTR.US)$ $Philadelphia Gold and Silver Index (.XAU.US)$ $XAU/USD (XAUUSD.CFD)$ $USD/XAU (USDXAU.CFD)$
$TENCENT (00700.HK)$ $SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $CSI 300 Index (000300.SH)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $NIO-SW (09866.HK)$ $NIO Inc. USD OV (NIO.SG)$ $NIO Inc (NIO.US)$ $BILIBILI-W (09626.HK)$ $Bilibili (BILI.US)$ $Baidu (BIDU.US)$ $BIDU-SW (09888.HK)$ $XPeng (XPEV.US)$ $Li Auto (LI.US)$ $BYD COMPANY (01211.HK)$ $BYD Company Limited (002594.SZ)$ $S&P/ASX 200 (.XJO.AU)$ $FTSE Singapore Straits Time Index (.STI.SG)$
$Chevron (CVX.US)$ $Phillips 66 (PSX.US)$ $Valero Energy (VLO.US)$ $Devon Energy (DVN.US)$ $Occidental Petroleum (OXY.US)$ $W&T Offshore (WTI.US)$ $United States Oil Fund LP (USO.US)$ $United Sts Brent Oil Fd Lp Unit (BNO.US)$ $Imperial Petroleum (IMPP.US)$ $Houston American Energy (HUSA.US)$ $Indonesia Energy (INDO.US)$ $BP PLC (BP.US)$ $Exxon Mobil (XOM.US)$
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ricko : I am in (jnug) leveraged gold miners.
SpyderCall OP ricko : There are so many gold and precious metal etfs. I wanted to find a solid gold mining stock with a little more beta profit potential than some of the othe large cap gold mining companies. I was a little rushed
SpyderCall OP ricko : i like that one too. I should have mentioned that one for sure
TinkerB3ll : NUGT? @iamiami think he may have more to suggest, he is the commodities guru![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Violets : I noticed this yesterday and thought I really should not enter gold this high and with yields dropping but boy is it tempting. I sold a couple weeks ago
SpyderCall OP TinkerB3ll : i follow Iamiam. he makes some good calls sometimes for sure.
SpyderCall OP Violets : i know what you mean. might want to wait for a dip at least.
The Random Investor : Everyone’s focus should be on silver
Silver Prices Will Go Parabolic Soon. Why Silver Prices Will Reach Triple Digit, Record Highs.
SpyderCall OP The Random Investor : silver provides more beta for more potential gains. But unlike gold silver has many more industrial uses. So the demand for silver is slightly different than gold. So if you catch the right dip in silver then you will make more gains than you would with gold. With china reopening the industrial demand for silver should surely increase
Violets : I sold my silver too soon and I'm just sick about it. I'll get back in but I kind of did it cuz I had to and then of course it took off yesterday
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