Chris Vermeulen, chief market strategist at TheTechnicalTraders, shared the sectors with the greatest upside potential in the new year. He also shared his predictions for gold. He also drew attention to gold-focused stocks. cryptocoin.com We share the analyst’s comments…
Strategist gave his gold predictions
Vermeulen discussed stock market sectors with upside potential and sectors that investors should avoid. Vermeulen said, “GDX and SLV were in a bear market just a week ago. They are in the recovery phase. Now they are yellow, which indicates accumulation. They are just starting to gain some momentum now and enter another bull market,” he said. GDX, VanEck Gold Miners ETF; SLV stands for iShares Silver Trust shares.
According to the analyst, who also shared his gold forecast, gold should rise to $ 2,600. He said he thought gold miners would make a huge, explosive move after that. Vermeulen noted that gold and mining stocks, especially the GDXJ ETF (VanEck Junior Gold Miners ETF), which tracks mid-level miners and young explorers, will rally separately from the stock market. The analyst, using the expressions “I don’t think they will experience that much breakout from the stock market,” said that they will continue to rise gradually and “take off” like the end of December and the beginning of January.
Vermeulen said that once gold is out of its current range, mining stocks will follow and “explode”, potentially seeing 100 percent returns in the next bull cycle. In equities, Vermeulen favors the technology and finance sectors due to the markets’ renewed risk appetite in 2022 and higher interest rates that should benefit financial institutions.
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