On Monday, the U.S. 10-year Treasury yield $10-YR T-NOTE - main 2312(ZNmain)$ briefly breached the key 5% mark, reaching levels last seen in July 2007.
The increase heightened concerns that rising borrowing costs could slow the U.S. economy. Typically, gold tends to fall when further interest rate hikes are likely. However, gold prices remain high due to the inflow of safe-haven funds triggered by the conflict in the Middle East.
After a brief period of consolidation, safe-haven demand will continue to push $Gold - main 2312(GCmain)$ higher. We believe geopolitical tensions and uncertainty in the Middle East will continue to drive gold prices higher.
$Gold - main 2312(GCmain)$ (now price at $1,977) broke out from a 6-month descending channel formation and presently consolidating gains before advancing higher...
$VanEck Junior Gold Miners ETF(GDXJ)$ Should At least See 3 Waves Rally
The VanEck Vectors Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that provides exposure to the stocks of small to mid-sized companies involved in the exploration and production of gold and other precious metals. The ETF looks to have ended expanded flat correction and now it should see at least 3 waves rally if not a new bullish cycle. Below we will take a look at the Elliott Wave outlook for the ETF.
After Biggest One-week Gain since March, the Price of Gold is Expected to be Higher!
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