Gold Rallies In The Face Of The BoE’s Quantitative Easing

By Przemyslaw Radomski of Sunshine Profits

Founder, Golden Meadow • Sep 29, 2022 at 11:34 AM EDT

The precious metals sector rallied yesterday, but it didn’t change the short-term downtrend.

Gold, Ingots, Treasure, Bullion, Gold Bars, Wealth

Image Source: Pixabay

Gold, silver, and mining stocks surged after the Bank of England announced QE. Does this have any impact on the precious metals market outlook though?

The precious metals sector rallied yesterday, but it didn’t change the short-term downtrend. It seems that the markets got scared of the consequences of QE in the U.K., as there was significant safe-haven buying. However, it’s unlikely that this will affect even the short-term trend.

In short, I don’t think that the GDXJ will rally above $30 before plunging, and it could be the case that the top is already in.

For more technical details, I recorded a video (yes, I’m back on the video front after a long break!) and I hope you like it.

Video Length: 00:06:36

More By This Author:

The U.S. 10-Year Real Yield Hits Its Highest In Over A Decade
Since the Momentary GDXJ Bounce Wasn’t Bullish, What Awaits Gold Stocks?
Gold Waved The White Flag And Began Its Great Decline

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