Jay be nimble, Jay be quick to induce a gold reversal candlestick kitconews gold silver metals mining economics finance investing
There are the times that try Gold Bugs' souls. As the gold price continues to be hammered into the face of a parabolic U.S. dollar, the entire precious metal's complex has reached the"get me out at any price" capitulation phase to begin the second half of 2022.
As silver guru David Morgan has stated in the past, precious metal stocks will either scare you out, or wear you out. Well, the current miner correction has graced its participants with both a"wear you out" phase, followed by a"scare you out" finale that could reach its conclusion within the next few weeks.
In the meantime, the higher-risk GDXJ is experiencing a high-velocity leg down that is coming close to the March 2020 pandemic decline, which saw the junior miner ETF move 51% lower in just 4-weeks. From its false-breakout peak in mid-April, GDXJ has declined 43% in 12-weeks, while reaching a deeper weekly oversold RSI level below 30 before bouncing on Wednesday.
The next major catalyst for gold will likely be the June Consumer Price Index data released next Wednesday. Although the CME FedWatch Tool is currently pricing in a 98% chance of a 75-basis point rate hike during the next FOMC meeting at the end of this month, Fed Chair Jay Powell has recently assured the marketplace of the central bank remaining"nimble" as it attempts to bring down surging inflation without placing the economy into recession.
Additionally, the forward-looking purchasing managers data for services released this week is already showing significant declines, falling to the lowest since May 2020 in June. And one sub-index indicated a contraction in employment.
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