Metals and miners are very close to completing cycle lows. From here, we expect aggressive upside into August or September with a $2800 target for gold.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Direxion Daily Junior Gold Miners Index Bull 2X Shares JNUG and Direxion Daily Junior Gold Miners Index Bear 2X Shares JDST both find themselves in the spotlight but for contrasting reasons. The former leveraged exchange-traded fund lost more than 4% during Thursday's afternoon session while the latter moved up nearly 4%.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
The prices of gold and silver rose on Friday as investors sought safe-haven assets following remarks by Russian President Vladimir Putin. In a speech at the Russian Foreign Ministry's meeting, Putin warned that the world is “close” to the point of “no return” due to the Western powers' “arrogance.
The overall outlook for gold appears bullish, driven by expectations of rate cuts and the ongoing softness in inflation.
Gold holds steady at $2,310, facing critical support levels at $2,298 and $2,287. Can it sustain this position before the weekend?
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Bearish signs increase for gold as it falls below key near-term levels, with support zones from 2,287 to 2,277 and potential targets around 2,252.
Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties.
Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.