Jordan Roy-Byrne – Balancing Technical Analysis With Fundamental Analysis In The Precious Metals
Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review both the technical pricing support and resistance levels, as well as the macroeconomic and fundamental drivers for the precious metals sector. We start off noting that gold and the general equity markets have been moving inversely to the 10-year bond yields, with the upward move in interest rates pressuring the markets, and then noting the recent reversal and bounce in markets and PMs over the last 2 weeks.
Jordan then notes the interesting technical setup in the Silver chart, with respect to how pricing is acting around the 400 day moving average. He points out that if it can clear the $26-$27 resistance area, that it sets up a longer-term targeted move up to $35, and we debate if that would be a short-covering rally, or more of a momentum trade. Additionally, he outlines the trends in silver versus foreign currencies being fairly constructive.
Wrapping up, we pivot over to the gold mining stocks, and look at the ETFs GDX and GDXJ, on both a technical pricing setup, but also in relation to general equities using intermarket analysis. When looking across the range of precious metals stocks, Jordan highlights why his interests are more skewed to positioning in the producers, but points out that there are still good values to be found in the quality pre-revenue developers and explorers after such a deep correction.
.
Based on your pitiful and embarrassing whining it seems you might be talking about me but that can’t be since I never called for a crash let alone a “savage” one and you’re way too classy to mischaracterize my position we all know that (LOFL). A bear market was and is my call.
Glad you’re having such a rough time! 😁🤣
A bear market? Which market are you referring to?
The stock market. The break of 18 months ago was more serious than most realize so I don’t see the big rally this year as a resumption of the bull market that began over 10 years ago even though some like MSFT made new highs recently.
https://stockcharts.com/h-sc/ui?s=MSFT&p=W&yr=5&mn=3&dy=0&id=p97043880774&a=1479611524
Thanks for the clarification.
I don’t know what’s going to happen when the pros get back to their desks after Labor Day but it’s definitely possible that stocks will extend their 6 month move up versus gold.
SPX:Gold weekly:
https://stockcharts.com/h-sc/ui?s=%24SPX%3A%24GOLD&p=W&yr=5&mn=6&dy=0&id=p48075765645&a=1491330433
If gold and silver are headed lower, we are in a deflationary cycle. DT
Considering the extreme low volume on this forum, bearish sentiment around the retail traders, and many gone missing in action, I would not worry but be extremely optimistic playing the stealth mode side.
Expect September to hit the triple top around $2070/$2075 area! October breakout
For the miners watching that 10 year yield go back to the scene of the crime as garoth would say will give fuel to the miners for 3/4 months before a pause.
Gdxj setting up nicely.
Best of luck to all!
Priced in SLV Hecla hit a 3 year low last week following a big gap down which was filled this week. It remains weekly oversold and is a buy in my book…
https://stockcharts.com/h-sc/ui?s=HL%3ASLV&p=W&yr=5&mn=11&dy=11&id=p85483549095&a=1486575348
SLV:GLD tried to break out but maybe it needs to fill its 8/23 gap first…
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=6&dy=0&id=p97161440405&a=1480131604
SLV is pulling back from fork resistance as well as its daily Bollinger Band. It is still up about 9% in the last 2 weeks and roughly 40% since bottoming one year ago (a year ago tomorrow). SPY is up about 17% since one year ago.
https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=0&dy=0&id=p83887255976&a=1474959084
Up To The Minute Market Summary:
Bah Humbug geometrically applied
A near zero in postings. Same old underperformance with gold equities.
The BRIC’S much predicted alliance for a gold backed currency and demise of US dollar in the dust bin of another doomsday porn addition.
Still best to limit exposure as no urgency to join the bag holders.
Savage crash prediction together with ominous graphic did the opposite commencing the day of his posting. LOL. And not the first time. Oh we’ll soon hear the babble from him as he hopes for some end to the recovery before posting.