TheDailyGold: Was That The Bottom in Gold...?

Published: Wed, 10/05/22

 
The Daily Gold
Jordan Roy-Byrne, CMT, MFTA
 
 

WEEKLY NEWSLETTER

Wednesday, October 5, 2022
 
 
 

Good Morning!
Recall my last email to you.

I wrote that the next 10 days would be very interesting.

Gold had broken down but there were non-confirmations. The stock market was close to breaking its 40-month moving average. The month and quarter were about to end.

Fast forward to now and Gold has rebounded back above $1675 and Silver is back to $21.

This looks to be at worst a medium to intermediate term turning point. 


And with respect to the gold stocks, there are quite a few technical positives. 

Click Here for My Video Analysis 


If you want an audio-only analysis, click the link below for my interview with my buddy Trevor Hall. If nothing else, click to listen to the best intro music.  

Click Here to Listen to the Interview
 

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Here is the JOLTS data (Job Openings and Labor Turnover Survey), which is an important report for the labor market.

The Fed has been able to be stingy and hike aggressively because there has been no deterioration in the labor market. 


This may be the start of weakness in the labor market.

If it continues to trend lower, which it likely will, talk of a Fed pivot will heat up.




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Here is what I wrote here roughly 2 weeks ago:

Things are trending very favorably for Gold and the start of a new secular bull market in the coming months.

The action in the next 10 days can give us a hint if the worst is already over or if another round of selling is on tap. 

Of the two best Gold market timers I follow, one is bullish and already positioned for a big rebound while the other is extremely close to pouncing on the opportunity. 

Think about the sentiment in Gold & Silver right now, then think about 6 months from now and a recession & imminent Fed rate cuts? Where is Gold trading at that point? It might go lower beforehand but in that scenario it could be at $2000-$2050.


Subscribe now, check my recent updates and you can find my list of my top 6 stocks, in addition to everything else. 

 

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Thanks for reading. I wish you all great health and prosperity in 2022 and beyond!
 

-Jordan
 

Disclaimer: This newsletter is intended for informational and educational purposes only and should not be considered personalized and individualized investment advice. Investment in the precious metals sector contains significant risks. You should consult with an investment advisor and do your own due diligence before making any investment decisions. This email may contain certain forward looking statements which are subject to risks, uncertainties and a multitude of factors that can cause results and outcomes to differ materially from those discussed herein.  
 
 

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