{"id":19670,"date":"2022-04-28T07:30:24","date_gmt":"2022-04-28T11:30:24","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=19670"},"modified":"2022-04-28T07:30:24","modified_gmt":"2022-04-28T11:30:24","slug":"gold-is-having-an-attractive-deal","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/gold-is-having-an-attractive-deal\/","title":{"rendered":"Gold Is Having an Attractive Deal"},"content":{"rendered":"

Gold hasn’t lost its luster.<\/p>\n

Oh sure, the price of the shiny, yellow metal has been hit hard over the past few weeks – falling from over $2,050 per ounce in early March, to under $1,900 today.<\/p>\n

That’s a drop of 7% in just seven weeks. And with that drop, many investors have turned sour on the metal.<\/p>\n

But for folks looking for an inflation hedge, a store of value, or just another way to protect themselves from the impending decline of the U.S. dollar – buying gold today offers a far better deal than where it was a few weeks ago.<\/p>\n

We turned cautious on gold last month<\/a>, when the “smart money” built up a large, short position in gold futures contracts.<\/p>\n

We reiterated that cautious stance three weeks ago<\/a>, when the gold stocks started to lag behind the price action in the metal.<\/p>\n

But now, after a 7% decline – and a sharp turn in investor sentiment from bullish<\/a> to bearish<\/a> – gold appears attractive again.<\/p>\n

Take a look at this GOLD chart…<\/p>\n

\"Chart\"<\/div>\n

Gold closed Tuesday right on the support<\/a> line at $1,900.<\/p>\n

There’s additional support just below at $1,875, and then at $1,850. Technical buyers are likely to step up if gold dips to either of those levels. So, that should limit the downside risk.<\/p>\n

More importantly is the emerging oversold condition on the technical indicators at the bottom of the chart (MACD<\/a>, RSI<\/a>, and CCI<\/a>).<\/p>\n

They’re not quite at levels that’ve signaled an end to previous declines in the gold price… But they’re getting close.<\/p>\n\n\n\n
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Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Gold typically trades weak heading into a Federal Open Market Committee (FOMC) announcement.<\/p>\n

And with the Fed widely expected to raise interest rates following its meeting next week, it’s reasonable to expect the price of gold to dip a bit more between now and next Wednesday.<\/p>\n

Traders should view that decline as a buying opportunity.<\/p>\n

We probably haven’t seen the end of gold’s short-term decline phase just yet. But we’re certainly closer to the end than to the beginning.<\/p>\n

Traders who held off buying gold based on my cautious comments over the past few weeks now have a much better price at which to put money to work in the yellow metal.<\/p>\n

Best regards and good trading,<\/p>\n\n\n
\"signature\"<\/td>\n<\/tr>\n<\/table>\n

Jeff Clark<\/p>\n

<\/p>\n

Reader Mailbag<\/h2>\n

Do you buy gold? If so, do you use it as a hedge against inflation?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Now\u2019s a buying opportunity…<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-19670","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=19670"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19670\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=19670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=19670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=19670"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=19670"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=19670"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=19670"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=19670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}