Przemyslaw Radomski

Nvidia surprised positively and it soared in overnight trading as well as in the early market trading. And while it managed to take stocks higher, it didn’t take gold higher. The S&P 500 index futures are up, and they moved close to their previous highs without breaking them. In other words, it’s “here we go again” on the stock market.

What a beautiful and profitable breakdown in junior miners! And that’s not all! This part of the bigger decline is just starting, so junior miners still have some room to fall. Gold, silver, and the S&P 500 futures are calm in today’s pre-market trading, but don’t let that fool you – the market is about to slide once again.

Forecasting gold prices is not difficult if you focus on the right things. The key is knowing what. Many people are interested in commodity prices, but few know in order to predict the prices of gold, it’s great to actually analyze mining stock values. But you knew, and were not caught by gold’s fake intraday and overnight rallies in the previous days.

Gold price futures jumped higher today – was the current gold price forecast affected? In short, not really. As I explained previously, it’s much better to focus on how the market is likely to interpret whatever is coming its way, and we know this thanks to technical chart analysis.

Why did the miners’ decline pause? Might this be a bottom? In short, it might, but it’s highly unlikely that this is indeed a bottom. Yesterday’s pause is natural given the support that miners are encountering and given the situation in the USD Index. Let’s start with the latter…

Some rallies – being breathers within declines – are not bullish. And that’s what we see in gold and silver today. Before moving to the precious metals sector, let’s take a look at the currency markets as what’s happening there is one of the key building blocks for the situation in the gold, silver and miners.

Every time gold moves back up, the same question emerges – was that THE bottom? The key thing for gold is the massive weekly reversal that formed over two weeks ago, and we saw another weekly reversal last week. The implications are very bearish for the weeks to come…

Some say that war never changes, and in some aspects, that’s true. But markets’ reactions to war are also remarkably similar. What I’m going to start today’s analysis with is not something you’ll read in many places. Usually, analysts are either following just the technicals or just the fundamental aspects of a given market. But the true edge comes from…

After testing new highs, gold is likely to move far, up or down. Previously, I wrote that the price of gold was about to decline after its massive reversal and that’s exactly what happened. The decline is now likely to continue, but there’s a good chance that we’ll see at least a small rebound from $2,000 or slightly higher levels.

The huge rally in gold and the monstrous decline that followed provided a sign of epic proportions. Gold price’s huge-volume reversal is the last thing that anyone even remotely interested in the precious metals market should ignore. The Gold price was just soaring to new highs like there was no tomorrow, and then it happened.

The USD Index is soaring today, so let’s start today’s free analysis with this market. You can probably already tell that it’s likely that today’s (0.6+) rally is the start of something bigger and not just a one-day event. Let’s check why – starting with my previous comments on this market as they remain up-to-date…

Silver just shot up, and given what the stock market is doing, it makes perfect sense. Namely, it’s most likely the final part of the rally in them both, and the same is the case for gold and mining stocks. Starting with the stock market, it’s still the case that the shares are following their early-2022 path.

What a powerful bearish confirmation! Not only did our profits increase yesterday, but we got this precious gift, too! What gift, you ask? The powerful bearish confirmation, of course! Did you see the… Rally in gold? The yellow precious metals moved higher by $12.50 yesterday. It happened on low volume, indicating that it was just a breather, but still…

Gold didn’t just invalidate the move above $2,000. It moved even lower – that’s how we know the invalidation is real. And so are its consequences. After gold’s suspicious rally, we see a very real decline. And the decline in silver and mining stocks is even bigger.

Theoretically, it’s not really important to pick the exact top – it’s good to be just near it when making transactions. And to be 100% precise, all that matters is that the exit price is more favorable than the entry price for a given trade. And if the annualized rate of return is better than the risk-free rate of return (one that bonds provide), then it’s already very good.

Gold, silver, and miners have been declining substantially recently, just as the USDX has been soaring. But all (good?) things come to an end, right? While the above is up for debate, it’s definitely true that no market moves up or down in a straight line *cough* except for silver *cough* without periodic corrections…

It happened! Junior miners moved to new 2023 lows! If one opened a short position in GDXJ this year and they hold it, they are profitable. The question – of course – is if junior miners and the rest of the precious metals sector are going to continue to move lower from here or will they bottom, just as they did previously when they were trading at similar levels.

Whoever requested the extra portion of signs from gold and gold stocks certainly didn’t have to wait for long. Gold stocks severely underperformed gold once again, and this means that the end of the rally in gold is probably near. It might or might not be completely over just yet.

Did you notice that for the HUI Index, GDXJ, and silver, 2023 is already a down year? In today’s analysis, I’ll dig into the former. Remember how I wrote in mid-July that after the weekly reversal, junior mining stocks were likely to move lower…

Making gold price predictions is not an easy feat, but every now and then, we get blessed with a clear signal. And we saw one in July 2023. It’s visible on the monthly chart that features not only the key parts of the precious metals sector but also one of the key gold price’s drivers – the USD Index.

The USD Index is on the rise, and the precious metals sector is declining. Big things can have small beginnings, though, and that’s normal. In yesterday’s analysis, I focused on what’s currently most important from the medium- and short-term point of view on… pretty much all markets

And so, it happened – against the odds and rising real rates, the USDX is at a new yearly low. But is gold at a new yearly high?… The decline in the USDX was truly significant. Things are (still) very exciting on the USD Index front. Yes, it’s declining, and yes, it’s excitingly… Bullish.

So, yeah, gold, silver, and mining stocks declined yesterday. This did not surprise you, as I’ve been emphasizing multiple reasons due to which this was the likely outcome. But I admit the power with which juniors declined yesterday amazed me even more than I thought it would. And I get rarely surprised by the markets.

The month is over. The week is over. Some things changed, some things didn’t. What can one predict for gold price in July 2023? While it might appear that not much happened in gold last month, in reality, it declined by over $50 – and that’s no small feat.

Gold price “was supposed to” hold above $2k, but it looks ready to break below $1,900. At what price can we see a turnaround? Let’s investigate gold’s chart to find out…

Boring day for precious metals, but brace yourself for some major stocks action! I’ll be honest – there’s not much going on today, at least for the precious metals market. Things are pretty interesting for stocks, though…

In a game-changing turn of events, yesterday’s FOMC meeting shattered hopes of a quick, dovish U-turn as the Fed announced the possibility of raising rates twice this year. Yesterday’s FOMC and the following press conference were groundbreaking.

Chirp, chirp!
Hear that? That’s the canary in the coal mine. The Bank of Canada just raised interest rates after two no-change decisions, and it was quite common for the Fed to follow the BoC.