After a rather dismal stock performance in 2022, investors are looking forward to some signs of optimism in the first week of trading in the new year. Unfortunately, the first two days didn’t bring much hope. Fed minutes show that inflation is still high and that means more rate hikes in 2023. ISM data shows manufacturing is contracting. Well-known stocks such as Tesla (TSLA) and Apple (AAPL) recorded significant price declines.
So where’s the silver, uh, gold lining? Well, it can only be gold stocks. When stocks aren’t looking so good, investors tend to invest in risk-free assets like gold. So even if you only invest in stocks, it’s a good idea to keep an eye on other asset classes as well.
A good starting point is the StockCharts platform your dashboard. With the Market Watch window, you can quickly scan stocks, bonds, commodities, and cryptocurrencies. If you see Gold doing well, you can either select Gold (GLD) or view a chart of Gold Futures ($GOLD).
Technically, gold futures look ripe for a rally.
- Since bouncing off its 1618 support level, gold has been moving higher, with higher highs and higher lows.
- Gold is trading above its 50, 100 and 200 day moving averages.
- Gold hit a 52-week high of 2078.80 an ounce. This means that there is potential for further upside.
Trading gold futures may not be your thing, but you can benefit from gold futures price movement by investing in gold-related exchange-traded funds (ETFs) or stocks. The SPDR Gold Shares ETF (GLD) is a great indicator for tracking gold price movements. You may also want to consider other gold stocks like Newmont Corp (NEM), Rio Tinto PLC (RIO), and Southern Copper Corp. (SCCO) analyze.
in the Member Tools section of your dashboardscroll down to overview pages and select icon summary. Enter the symbol of the stock or ETF you are considering. This is your gateway to all kinds of analytics tools. You can view charts, analyze technical indicators or company fundamentals, and find SCTR rank, among other things.
Markets are always changing, and if an asset class isn’t working for you, there are other options. The best way to be informed is to always have an overview of the market.
Happy charting!
Jayanthi Gopalakrishnan is Director of Site Content at StockCharts.com. She spends her time creating content strategies, providing content to educate traders and investors, and finding ways to make technical analysis fun. Jayanthi was Managing Editor at T3 Custom, a content marketing agency for financial brands. Prior to that, she was Managing Editor of the journal Technical Analysis of Stocks & Commodities for over 15 years.
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