Jordan Roy-Byrne – Technical Outlook On Gold’s Breakout, And Resistance Levels in Silver and Copper
Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins me to share his technical outlook on gold’s continued pricing breakout, as well as key technical resistance levels in both silver and copper. Jordan feels gold has cleared enough overhead resistance at this point, clearly breaking out on the monthly chart back in November, and the daily and weekly charts have closed consistently above $2100 to call this a legitimate breakout in the yellow metal.
While Jordan is encouraged by the recent move above $25 in silver, he is looking for a weekly close above $26 and then sees there being more resistance in the $28-$29 pricing zone that prove to be tough resistance to get through on the first attempt. With regards to copper, again he is encouraged by the recent move back above $4, but sees key weekly and monthly resistance at $4.25-$4.30 that must be cleared definitively to declare a more meaningful breakout in the red metal.
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Looks like Jordan put on some lipstick for his latest Goldfinger video. Robert could use some lipstick, maybe a little blush and eye shadow.
Like gold in October and silver in November, copper now gets the “all clear” from me.
https://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=1&mn=6&dy=0&id=p89068380168&a=1629899188
I was surprised when I saw it above $4 today on BNN… India is the new China.
It looks great from several angles including the monthly view:
https://stockcharts.com/h-sc/ui?s=%24COPPER&p=M&yr=15&mn=0&dy=0&id=p26835928732&a=1479597136&r=1710384164547&cmd=print
The Canadian dollar closed on its 50 day MA and looks ready to pop higher.
https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=0&mn=11&dy=0&id=p47751081444&a=1629408312
Hi Ex, Whats your take on Wallbridge and Victoria Gold?
I know you’ve talked about WM before, now it’s really in a bad place.
Cheers!
Hi there Doni. Yeah, Wallbridge is definitely an ugly duckling stock at this point, but their 4.5 million ounces of gold in the ground are all still there, and they have revamped their management team and directors to a more solid team over the last year. I believe they likely have double or triple the gold that they’ve found over their whole land package, (acquired a few years back by taking over Balmoral), along the Detour Lake gold trend.
The issue I have with them right now is that they’ve totally lost all shareholder confidence, have been a long spiral lower for a while now, and even though Marz and the prior team did a lot of great exploration work and had some fantastic results, they were not rewarded by the marketplace in the bad sector sentiment, and it’s possible they did all that drilling at the wrong time in the metals cycle. Now, as a result, their share-count is so blown out with over a billion shares that they need to do a 10:1 or 20:1 rollback. I’ve been out of Wallbridge for a little while now personally, waiting to see how they may eventually restructure the shares and financials, before getting back into position. If they did a solid rollback, and recapitalized the operations with more clarity on the path forward, then I’d likely buy back into it.
As for Victoria Gold, I don’t really follow it that closely, but do respect them as an up and coming growth-oriented gold producer in the Yukon. They have a nice development project, and few exploration projects (even with some exposure in Nevada if I remember correctly through Lahontan Gold) I believe they could also grow future production and future mine life by acquiring the nearby 7 million ounce of gold that Banyan Gold has defined.
I was also curious a couple of years back about Coeur positioning in them, and there was speculation that Coeur may eventually acquire Victoria, so as a CDE shareholder that was of interest. However, it seems since then that they’ve sold back down much of their stack in Victoria now, so maybe that’s off the table.
Really I’ll need to go back and take a look at Victoria though to see what steps have to happen at their development project to move it along, and to see how 2023 wrapped up and what their guidance is for 2024.
Do you like it, and if so what are the compelling features that you feel distinguish it from it’s gold producing peers?
Thanks Ex for your reply, appreciate it, you are a sea of knowledge.
I concur reg WM. I first got in at 0,2-ish 2019 and traded it in and out all the way up to the top and then got out at 0,30-ish.
I love the company but it was grossly mismanaged by Kord. The entry of Makuch to the board was supposed to be a big lift for the stock but turned out to be the opposite. Kirkland seemed to have another agenda at that time? Kord was the biggest reason though as to why the stock was and still is underperforming, blowing cash at all directions. He hired his son to market WM, to make it more visible and to get market attention but it lead to absolute nothing, only to throw more good money after bad.
The land package is very compelling and it’s a shame they didn’t use the Zink frenzy at that time to market itself more. The outstanding stock is horrible as you say and need to be addressed in a form of a reversed split.
I think it will rise again if the management take all the necessary steps to restructure the company, after all it’s in a very good jurisdiction.
I would love to hear from an insider what Sprotts take is on WM.
I first invested in Victoria gold (in at 0,1 but under another ticker) 2015-2016 and think it has a very compelling case. It has a great land package and a competent management under McConnell. Its share structure is nice and has a very nice trading momentum when the overall sentiment improves.
Jurisdiction is also good and all in all it’s a nice swing trade case whenever the markets really turns.
Aside from horrible market sentiment they’ve fallen partly due to lowered guidance but with a higher gold price/improved sentiment all should be forgiven. It’s AISC is fine and it should easily take out new highs.
Are there any other producing companies you’d recommend instead of VGCX?
https://tinyurl.com/5n7h6cty
Gold Week: March On
Strong Support