Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review support levels in the precious metals sector after we’ve seen a short-term corrective pullback, in the context of the larger bull market pattern still well underway. We start off discussing the pullback in gold and that Jordan’s earlier target of $1908 came into play, right above key $1900 support, but that he is still watching to see if gold can get up and hold above $1920. Jordan breaks down 2 prior periods where gold corrected, then approached all-time highs, and then had corrective moves followed by even larger rallies. Jordan unpacks where these moves project a potential pullback to the high $1800s, but in the context of that bullish medium-term bounce out of that move, and also in conjunction with the longer-term cup and handle pattern that is also still playing out.
Next we moved over to silver and that while the technical outlook isn’t quite as bullish as gold, and it has more overhead resistance levels to clear at $28-$30, $35-$37, and $50, that Jordan still believes it will eventually start to play catchup to the moves in gold, once the yellow metal is above $2100. We wrap up by taking a look at how the mining stocks via GDX and GDXJ, that have generally held onto more of their gains and have better technical setups than the metals; which is a constructive development in the sector.
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