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Chart 1: GDX & GDXJ Weekly Candles
Here we see that GDX and GDXJ have roughly 5%-7% upside before testing major resistance.
Chart 2: Fed Rate Hike Expectation for 2019
This chart shows the market's forecast for rate increases in 2019. It recently hit 60 basis points but has crashed down to only 12 basis points.
The market has now priced in only one cut through 2019 and that includes this December.
TheDailyGold Premium #599
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We published TDG #599, a 26-page update late Saturday night. The update contains a report on one of our top holdings as well as analysis of stocks, bonds, yields, the dollar and of course precious metals.
Here is some text from my update summary.
Whether this is the low or not, gold stocks will really takeoff when the Fed starts cutting rates. If the last rate hike is coming in a few weeks then how can I (being glass half empty) argue with my analysis that the bottom will be when the Fed makes their last hike? The failed breakout in long-term yields is another positive development for precious metals as it brings us closer to the end of the hikes.
Later....
The market is now pricing in only a 63% chance of a December hike and effectively only one hike from now through 2019. Its even pricing in half of a quarter point rate cut in 2020. So with precious metals approaching resistance there is very little room for the market to price in a more dovish Fed, unless they signal a rate cut 2019.
This is actually an excellent entry point in a few of our stocks. We mentioned the 3 that we think are the best buys right now.
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