Gold Stocks are Extremely Oversold

Let’s start with GDXJ, which is rebounding today after testing support at $32.

GDXJ is arguably the most oversold or the second most oversold in the last six years. When the market is this oversold, it typically enjoys, at worst, a decent rebound.Meanwhile, the HUI Gold Bugs Index looks similar. It traded as low as 216 Friday, which is less than 5% from strong support. The macro is also lining up in Gold's favor as the 2-year yield plunged to as low as 2.72% this morning, inflation expectations have rolled over, and the Atlanta Fed model shows we are in a recession. The market is now aggressively pricing in rate cuts in 2023.

Pump soon after July 4th

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Stocks Enter the Contrarian Dream Zone(Kitco commentary) - The gold complex came under more pressure this week on the reiteration by the US, UK, and European central banks that they are willing to do whatever it takes to combat inflation at the Annual ECB Forum on Wednesday.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »