Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold, joins us to provide his updated technical outlook for gold, silver and the underlying stocks.
We start with the potential directions for gold, focusing on support levels, resistance, and the possibility of a double top pattern. Jordan explains why it’s too early to predict a definitive trend for gold, emphasizing the importance of monitoring the $2,300 level and potential gaps at $2,240.
For silver, the conversation highlights the recent breakout above key resistance levels and subsequent correction, with analysis on support levels and moving averages.
We also delve into the mining stocks, particularly GDX, examining its performance relative to gold, support levels around 32-34, and the influence of the broader stock market. Jordan shares insights on the potential for these stocks to break out and the factors possibly driving that breakout. Additionally, look at the relationship between gold and silver stocks, the potential for silver stocks to catch up, and the impact of cost inflation and margin expansion on miners.