How is the technical chart situation for the precious metal and the large mining stocks Barrick and Newmont to be classified?
Rising US interest rates were poison for the precious metal in the second quarter: after the price per troy ounce had climbed to the all-time high of USD 2,074 in August 2020 as a result of the escalation in Ukraine, it only went in one direction until the end of July : Southbound.
Hope for the Bulls: The recovery was impulsive
Starting from the year-to-date low of USD 1,680 at the end of July, the price of the precious metal has temporarily recovered by USD 130 in the past few weeks and has reached an important resistance in the form of the June low.
The good news for the bulls: The recovery movement of the past three weeks took place in an impulse movement that should be interpreted as bullish. In the medium term, this suggests that prices will continue to rise towards USD 1,850/USD 60 – potentially significantly higher.