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A Technical Look At Gold Stocks

Cory
June 23, 2017

Jordan Roy-Byrne, Editor of The Daily Gold, shares his technical outlook on the gold mining sector focused on GDX. With the recently moves on low volume and the inability of GDX to breakout to the upside Jordan is worried about another drop. He says watch the 21 level on GDX.

Click here to visit Jordan’s website.

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Discussion
39 Comments
    Jun 23, 2017 23:58 AM

    I don’t share Jordan’s concerns and, from what i can tell, there’s plenty of fear about the miners right now.

    The under performance of the miners relative to gold has reversed and GDXJ:GLD is up 11% this month. That ratio also just had its 89 wk MA cross above the 233 wk MA…

    http://stockcharts.com/h-sc/ui?s=GDXJ%3AGLD&p=W&yr=3&mn=7&dy=0&id=p35835740854&a=531008747

      Jun 23, 2017 23:27 AM

      Note that GDXJ and SGDJ have broken their 2017 downtrends.

    Jun 23, 2017 23:30 AM

    Key $21.75 area held on GDX chart

    http://tiny.cc/vr7zly

    Jun 23, 2017 23:47 AM

    As expected in a bull market, the riskier stocks lead the way and outperform. GOEX, the explorers ETF, saw its 89 week MA cross above the 233 week MA three months ago:

    http://stockcharts.com/h-sc/ui?s=GOEX&p=W&yr=2&mn=7&dy=0&id=p15850784758&a=531021435

      Jun 23, 2017 23:15 AM

      Good points Mathew.
      I have not liked using gdx,gdxj as a reference to the mining stocks lately.
      With all the recent chaos with the rebalancing I think the data and charts are unreliable.

    Jun 23, 2017 23:50 AM

    For KDX fans (I do not own it), yesterday’s plunge was not bearish beyond a few days out…

    http://stockcharts.com/h-sc/ui?s=KDX.TO&p=D&yr=1&mn=0&dy=13&id=p10828132528&a=530995360

      Jun 23, 2017 23:47 AM

      I own KLDX and must remember to buy more if it drops under 3 again.

    Jun 23, 2017 23:51 AM

    Gold: Are The Bears Running Out Of Gas?

    Jun. 22, 2017 – Taylor Dart

    “While the bulls have been marching the metal higher since early 2017, the bears have made a valiant effort to thwart their efforts when it’s mattered most. Since early June the metal has pulled back nicely from its highs near $1,295/oz, and sentiment has certainly followed. Bullish sentiment has retreated from 78% bulls to 29% bulls over the past 10 trading sessions, and price is currently resting on the 200-day moving average. There’s no question the bears have certainly had all the momentum the past few weeks, but the bulls finally have a setup in place where the metal should be able to find its footing. There is no guarantee that gold will find its lows here, but it’s the most logical spot for them to do so.”

    “Despite the pullback through the month of June, gold continues to trend higher above a rising 20-month moving average.”

    https://seekingalpha.com/article/4083109-gold-bears-running-gas?isDirectRoadblock=false&uprof=45&utoken=45367700671014d860a163e327c403c5

    Jun 23, 2017 23:12 AM

    Long term the bear are going to fail…….gold is going up regardless …think long.

      b
      Jun 23, 2017 23:26 AM

      Yupper jerry, golds going up in the long term, from 20.67 to 1250 today, the issue is does a person live long enough to have it “pay off”, are there better money making opportunities.
      of course there are, but 5%-10% of a portfolio with no counter party risk is not a bad thing.

      I have always found it kinda interesting that people that own gold keep it in someone elses vault, to me, that negates the reason to own gold.

      I can just see governments drooling over private vaults. lol

        Jun 23, 2017 23:35 AM

        Gold is not about making money, it’s about saving it. If you buy it right, you’ll live long enough to see it pay off. Saving fiat currencies never pays off.

          Jun 23, 2017 23:45 AM

          Well stated.

          Jun 23, 2017 23:50 AM

          Have to agree……..

          Jun 23, 2017 23:50 AM

          Hear, hear! Except Confederate money has gone up more than the dollar in recent years.
          I have a $50 bill with Jeff Davis on it. I wish I had a bill with Stonewall on it!

        Jun 23, 2017 23:36 AM

        People save currencies in someone else’s vault, does that negate their reason for saving?

        b
        Jun 23, 2017 23:42 AM

        something tells me you let other people hold your gold.

          GH
          Jun 23, 2017 23:42 AM

          There are a lot of ways to hold precious metals, that serve different purposes. Sure, have some that you can access directly. But if you’ve got a lot, it’s certainly not a bad idea to vault some of it in another country with a reputable storage service, where you can liquidate it or move it easily if needed.

            b
            Jun 23, 2017 23:29 PM

            of course gh.

            But Im not going to.
            As for storing fiat in someone elses vault, i dont like that either, but what the heck can ya do?
            Even when ya keep it yourself they change the bills on ya and ya gotta change em.

            Canada just changed the tens again.

          Jun 23, 2017 23:12 AM

          I hold it in every way possible and in several countries but my response above would have been identical even if 100% of it was in my immediate possession.

          Something tells me that common sense isn’t very common.

        Jun 23, 2017 23:52 AM

        If, you can teach the kids to save it, and forget about it…..they will do real well….as any investment and savings…….start early. Do not be a DEBT SLAVE……….

          b
          Jun 23, 2017 23:20 PM

          Well, I can say I have taught my kids the perils of debt.

        Jun 23, 2017 23:28 AM

        b……I think some of the people with the “private vaults” …….have already sold their companies……Turk, Schiff come to mind, correct me if I am wrong…….

          b
          Jun 23, 2017 23:24 PM

          Think I read the same thing jerry.

          I would never keep my metal in some one elses vault.

          Chip a hole in the garage floor, under a parked vehicle, put it there and cover it with an inch of concrete, paint the floor if you want. Nobody is finding it.
          Course ya cant be scared of getting a blister doing it. lol

            Jun 23, 2017 23:52 PM

            good one……..

    b
    Jun 23, 2017 23:19 AM

    thx for having jordan on cory.
    excellent interview.

      BDC
      Jun 23, 2017 23:46 PM

      Appears honest… with us and with himself.
      A rarity.

    Jun 23, 2017 23:46 AM

    I like to hear Doc Posma chime in on this question.

    BDC
    Jun 23, 2017 23:30 PM

    The significant April 20th USD/EUR gap to .9280 WILL fill.

    This equates to 1.0776 for the EUR/USD, which is currently at 1.1194. The Dollar Index was at about parity (100) on that date.

    Chart: https://s29.postimg.org/b0gwmyz1j/USDEUR-20170623-_Daily.jpg

    I may short via JDST on Monday or Tuesday. FWIW

    tth
    Jun 23, 2017 23:59 PM

    Jordan is spouting nonsense. he’s using the correlations of USD to gold which is crap. why isn’t gold going up when the dollar is crashing hard this year? he seems to pick the relationship he fancies. and he has no conviction at all.

    using usd to inverse the action of gold is just wrong. and he said gold cant rally because the dollar is rising lately. haha, complete crap!