By: Ira EpsteinGold needs to get above $1729 to swing the trend, the August gold contract. Supports around $1688 then towards $1,660s:Read More
There will be short covering in gold if it rises today and till Thursday. In my view, most people are waiting to buy gold @1650. If gold prices manages to trade over $1700 till Thursday, then laggards will start to invest and gold price could be easily break past $1800. Bond yields, stocks and commodities can all rise at the same time. Free money supply is the key reason. Positive economic growt...Read More
The Nasdaq broke above 10,000 for the first timeThe Nasdaq rallied to another record high today, and briefly broke above the 10,000 level for the first time ever. The index's rise was bolstered by traders that loaded up on big technology names, particularly FAANG stocks Amazon.com (AMZN) and Apple (AAPL), both of which notched record highs. Despite this impressive news, the Dow slid today, ending...Read More
OXY is down alongside the rest of the oil and gas sector todayThe shares of Occidental Petroleum Corp (NYSE:OXY) are down 7.7% at $22.51 at last check, amid news that the oil and gas company is reviewing and possibly selling its Middle East assets in order to reduce debt. Meanwhile, BofA Global Research upgraded the stock to "buy" from "neutral," and hiked its price target to $32 from $18. Today's...Read More
An unwinding of pessimism could provide even more tailwindsThe last time we checked in with Teladoc Health (NYSE:TDOC), the telehealth provider was facing off with a key trendline. However, TDOC took a deeper dive than anticipated, shedding 4% in the last 30 days. Now, this extended pullback has brought the stock to another area that, if past is precedent, could halt the skid in its tracks.More sp...Read More
Diving into where last week's tech rally could goFor a while, the stock market highs of February seemed like they would be wistful ancient history during the coronavirus-induced doldrums of March. But U.S. equities -including the Nasdaq-100 Index (NDX) - have been on a breakneck pace sincethose March bottoms. The NDX in particular has had a stellar week; two straight record closes (Tuesday and Wed...Read More
The Dow is off roughly 200 points middayThe Dow JonesIndustrial Average (DJI) and S&P500 Index (SPX) are both languishing below breakeven at midday -- with the former off roughly 200 points -- amid today's travel sector slowdown. However, a bounce-back for tech stocks has the Nasdaq Composite (IXIC) reversing course higher,with FAANG names Facebook (FB) and Apple (AAPL) both charging toward...Read More
PCG is trying to dig out of its bankruptcy holeAfter over 100 years in San Francisco, CA, PG&E Corporation (NYSE:PCG) is moving to Oakland, CA to cut costs. The utility company is hoping to emerge from the bankruptcy filing it entered over a year ago, amid massive liabilities from deadly wildfires in 2017 and 2018. In addition, Mizuho raised its price target to $14.50 from $13.50. Despite the bul...Read More
An unprecedented number of consumers have picked up gardening during coronavirus-related lockdownsThe shares of Scotts Miracle-Gro Co (NYSE: SMG) are up 2.57% at $142.57 this morning, after the company revised its full-year sales and profit outlook amid increased demand for its soil and plant food products. The lawn and garden giantsaid an unprecedented number of consumers have picked up gardening...Read More
Casey's General Stores' fourth-quarter profits disappointed Wall StreetCasey's General Stores Inc (NASDAQ:CASY) entered the earnings confessional after yesterday's close, reporting fiscal fourth-quarter profits that missed Wall Street's estimates, but revenue that beat expectations. In response, CASY is down 2.5% to trade at $165.59 at last checkDespite the earnings miss, RBC raised its price tar...Read More
Signet's first-quarter results missed analysts' estimatesThe shares of jewelry name Signet Jewelers Ltd. (NYSE:SIG) are down 11.4% at $14.95 this morning after the firm reported a first-quarter loss of $1.59 per share and revenue of $852.1 million, missing analysts' estimates. Signet said it is accelerating its transformation into a channel-agnostic retailer, completing over 100,000 virtual consu...Read More
The Fed's two-day meeting will kick off later todayFutures on the Dow Jones Industrial Average (DJI) are more than 300 points below fair value this morning, pausing the speedy rebound that has defined June so far. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futuresare also hovering in the red before the bell, as airline and cruise stocks -- recent champions of the market rally -- take a breat...Read More
Jack ChanPosted Jun 8, 2020Gold sector as represented by $HUI is on a long-term BUY signal.Long-term signals can last for months and are more suitable for investors.Short-term is on SELL signal. Short-term signals can last for days and weeks and are more suitable for traders.Speculation is at levels of previous tops.Speculation is dropping.Our ratio is on SELL signal.GLD has resistance at 170.$HUI...Read More
Stewart Thomsonemail: stewart@gracelandupdates.comemail: stewart@gracelandjuniors.comemail:admin@guswinger.comJune 9, 2020Gold often has a “bad hair day” on Tuesdays, but today (so far) the price action is decent. Pleaseclick here now. Double-click to enlarge.Is the sideways drift in the gold price coming to an end, or is there more churning ahead as the summer begins?What can be said...Read More
By: Hubert MoolmanThe US Dollar index is not a true measure of value of the US dollar. It just tracks an "exchange rate" between the US dollar and a basket of significant fiat currencies.For a true measure of value of the US dollar it is better to look to Gold and Silver. However, there is a relationship between significant Gold rallies and the US Dollar index.Gold has a tendency to rally at a c...Read More
Steve St. Angelo, SRSrocco Report If Americans thought the U.S. Government would be in serious trouble as its ability to service its ballooning debt would become unmanageable, guess again. After the U.S. Government added nearly $3 trillion more debt in just the past eight months (fiscal year), the interest paid on the public debt actually declined versus last year. According to TreasuryDirec...Read More
By Clive MaundThe 6-month chart for GDX shows it completing what looks like a Head-and-Shoulders top at a quite a high level, and with this morning's drop it could soon break down from the pattern leading to a potentially steep drop.On the 13-month chart for GDX we can see that there is plenty of room for it to drop, and the minimum objective in the event of it breaking below nearby support is...Read More
By Avi GilburtRarely do you enter a market environment when the fear is as palpable as it was in the middle of March of this year. The world was coming to an end based upon most of what I was reading. And, as we were approaching the market lows (and even all throughout the 45%+ rally we just experienced), many continued to call for further crashes with many targets being noted at 1800, 1600, and...Read More
Strengths? The best performing precious metal for the week was palladium, up 0.77 percent. ETFs added 241,076 troy ounces of gold to their holdings on Monday, bringing net purchases for the year to 17.2 million ounces, according to Bloomberg data. Total gold held by ETFs rose 21 percent this year to 100.2 million ounces - the highest level since June 2019. However, on Thursday th...Read More