Gold's prolonged slump is showing signs of exhaustion, with trendlines flattening into a potential upside reversal pattern. $GLD $GDX
After pulling back from its late August peak near $4,700, front-month Comex gold fell to ~$4,028.
Gold technicals:
50-day average = $4,300
Relative strength index = 39.67, indicating selling fatigue
Fibonacci retracement level = $3,900
The Federal Reserve kept interest rates unchanged on Wednesday while acknowledging resilient economic activity despite persistent inflation.
Seeking Alpha's top-rated gold miner is Barrick ($B), supported by strong valuation and revenue growth metrics.
Seeking Alpha Quant Rating for Barrick Gold: Buy.
Does the next trendline test decide gold's multi-month trajectory?