Market Analysis by covering: Gold Spot US Dollar, Gold Futures, SPDR® Gold Shares, iShares Silver Trust. Read 's Market Analysis on Investing.com
Stock market today: S&P 500 falls as job cuts stoke economic fears, tech stuttersToday’s analysis will be brief, as there’s only one thing that I’d like to update compared to Namely, I’d like to point out the fact that the precious metals market is not only reacting to what the USD Index is doing – it’s very sensitive to it.
1. The mining stocks rallied earlier today, only to then decline in the following hours.The second point is a bearish short-term sign, but it doesn’t tell the whole story, as gold and silver futures moved higher before the U.S. session started. USD’s decline triggered gold’s and silver’s rallies and USD’s comeback triggered moves lower in both metals. This is important because it shows that the precious metals market is willing and likely to react to USD’s further rallies with declines. This, in turn, is important because the USD Index – trading close to 100 – is on the verge of a major breakout and launching a rally that will finally be clear for everyone. I’ve been writing for months that when the USD rally becomes clear, the precious metals market is likely to slide, and it looks like this is about to take place. The intraday reversal in the GDXJ – proxy for junior mining stocks suggests that the bearish forces are strong and that there’s a lot of nervousness among the investors right now. This suggests that the declines can be particularly volatile.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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