With gold prices on the move, keep an eye on Barrick Gold (GOLD).

After dropping from about $20.50 to $16.88, the gold stock has become severely oversold.  Even RSI, MACD, and Williams’ %R are all deep in oversold territory. The last time this stock became this technically oversold, it ran from a low of about $15.50 to just over $20.50.  

If you aren't looking at this number every time you trade an option, you are leaving money on the table. Click here to see what this critical factor is.

With the rising risks of a U.S. recession, we’re likely to see even more gold buying.  Plus, even global central banks are racing to buy gold. in the first quarter, they bought 228t of gold – 34% higher than the previous record set in 2013. That also follows annual demand of 1,078t in 2022. Also, analysts at UBS believe gold prices could hit $2,100 by year-end; $2,200 by March 2024.

Sincerely,

Ian Cooper