Is now a good time to buy gold stocks?

Over the beyond six months, gold charges have risen, attaining new report highs nearly each month. However, the yellow metal`s rate has encountered a few resistance for the reason that hitting US$2,670 on October 1, sending it right all the way down to as little as US$2,639.

Hemke defined in an October three interview that this may be the end result of the marketplace checking out resistance at $2,650.

In September, gold charges hit a brand new report excessive above $2,six hundred after the U.S. Federal Reserve reduce its benchmark hobby price for the primary time for the reason that begin of the 2022 bull run.

“Gold charges bottomed at US$1,895 in mid-February and had been replied for the reason that then — gold charges have expanded 25 percentage in that period,” he advised INN in an interview recorded early September .

"It's now no longer that the gold producers, the large groups and the intermediaries, have not reacted. The large gold groups, now no longer counting the trouble groups, are up forty five to ninety percentage from the lowest gold rate." in February, and intermediaries expanded from 50 percentage to 132 percentage"

💎 XAUUSD Buy 2630 - 2627💎

✔️TP1: 2647
✔️TP2: 2657
✔️TP3: OPEN

🚫SL: 2619

💎XAUUSD Sell 2653 - 2655💎

✔️TP1: 2640
✔️TP2: 2637
✔️TP3: OPEN

🚫SL: 2663

Note

Buy Limit orders around two areas 262x and 264x.
Take profit (TP): around the first zone 2645, the second zone at 2665-2670 or higher depending on developments.
Stop loss (SL): below 6 price level for each pending order.