P. Radomski
CFA, Editor & Founder @ Sunshine Profits
Przemyslaw Radomski, CFA, is the founder, owner and the main editor of SunshineProfits.com. You can reach Przemyslaw at: http://www.sunshineprofits.com/help/contact-us/.
P. Radomski Articles
Today’s decline is significant not only because it confirms the post-U.S.-Labor-Day tendency in gold, but also because it’s another step toward creation of a bearish head-and-shoulders top formation.
The stock markets around the world are sliding, and so does bitcoin – just as I warned. Miners invalidated their tiny breakout, closed below the July low on Friday, and they are poised to slide even more.
It’s the Fed’s interest rate day and the Bank of Japan has just hiked its rates. What’s next? The first sentence explains most of what happened to the prices yesterday and today.
It can, but it can also decline, and the latter is actually more likely. What a crazy idea, right? With the lower cost of money (interest rates), gold should be more attractive to investors (it pays no dividend), so its price should rally...
Every now and then, something unlikely happens – but not right now. I wrote that given gold’s high-volume shooting star reversal, it was likely to invalidate its recent breakout any day (or hour) now. Quoting my previous comments:
The PCE Index statistics were released today, and you might wonder what impact they will have on the price of gold. Let’s dig in.
Gold is likely to rally this week (it's already underway), but what's likely next can surprise you.
Did today’s decline in gold surprise you? It shouldn’t – during Thursday’s rally, gold moved to two resistance lines.
Bitcoin was heralded as the new gold. But the “old” gold ultimately managed to move above its 2021 highs, while the “new” gold didn’t. Gold didn’t disappear; they both coexist, and they both have a strong anti-dollar vibe.
It will be a quick update today, as the situation is almost identical to what it was in the previous days. In other words, the situation is developing in line with what I wrote previously.
