Gold surges after poor daa
Just over two weeks ago, gold fell sharply and broke below $2,000 to hit its lowest level in two months. It bounced back quickly, and topped $2,040 per ounce last Friday. It then spent this week going nowhere. Until today. After a fairly shabby start this morning, gold suddenly perked up, and was soon testing levels around $2,050 which acted as resistance in both mid-January and early February. At 15:00 GMT there was the release of some disappointing US economic data when the ISM Manufacturing PMI, Consumer Sentiment and Inflation Expectations all came in below both expectations and the previous months readings. This triggered a sell-off in the dollar and a simultaneous rally in precious metals.
In addition, Newmont Corp, the world’s biggest gold mining company, saw its share price gap higher on yesterday’s open. This followed a prolonged sell-off which saw Newmont lose 65% of its value since April 2022, and hit its lowest level since October 2018 on Wednesday. Of course, one positive day out of hundreds of losers may not mean anything. But it has rallied again today. This follows recent news that investing legend Stanley Druckenmiller expressed his interest in the stock while also reducing his holdings in some major tech companies. It’s certainly one to watch.
We now need to see what happens on any pull-backs. The bulls will wake up if we start to see a succession of higher lows and higher highs. But there will also be some caution out there as we’ve seen sharp spikes in the gold price before, only for it to quickly reverse course.
In addition, Newmont Corp, the world’s biggest gold mining company, saw its share price gap higher on yesterday’s open. This followed a prolonged sell-off which saw Newmont lose 65% of its value since April 2022, and hit its lowest level since October 2018 on Wednesday. Of course, one positive day out of hundreds of losers may not mean anything. But it has rallied again today. This follows recent news that investing legend Stanley Druckenmiller expressed his interest in the stock while also reducing his holdings in some major tech companies. It’s certainly one to watch.
We now need to see what happens on any pull-backs. The bulls will wake up if we start to see a succession of higher lows and higher highs. But there will also be some caution out there as we’ve seen sharp spikes in the gold price before, only for it to quickly reverse course.
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