Jordan Roy-Byrne - Techncial Commentary – Wed 6 Feb, 2019

Important Developments In Indicators For GDXJ and GDX

Jordan Roy-Byrne, Founder of The Daily Gold shares some bullish developments for GDXJ and GDX. There are key background indicators such as breadth and the advance/decline line that not everyone follows. Jordan breaks down the recent turn to bullish for these indicators that can enable the gold stocks to run higher.

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  1. On February 6, 2019 at 12:14 pm,
    Matthew says:

    I agree with Jordan: “That’s real bullish action that we haven’t seen in awhile.”

    Gold is doing what I thought it would when I posted the following chart (that green circle was drawn well before the price entered it):

  2. On February 6, 2019 at 12:23 pm,
    Matthew says:

    GLD has reached some resistance:

  3. On February 6, 2019 at 12:39 pm,
    Matthew says:

    From early 2003 until late 2007, gold DID enjoy a bull market (more than tripling) even though the stock market doubled.

  4. On February 6, 2019 at 1:26 pm,
    spanky says:

    Today was a pretty ugly day.

    And it can get much much uglier if the USD decides it wants to run, which frankly technically speaking, it looks like it is all set up to do. It needs too reverse lower by Friday or it is going to be flat to higher through next month. And if that happens, commodities are going to be miserable for the rest of the year.

  5. On February 6, 2019 at 1:53 pm,
    spanky says:

    The Fed is 100% correct. Inflation is, and looks to be, nonexistent for 2019. They might finally let them rally in 2020 or 2021. There hasn’t been a significant countrend rally in GCC in 8 years. It’s been making lower highs and lower lows that entire time.

    They’ve painted the tape for the rest of 2019 as far as I am concerned, barring an absolute miracle over the next 2 weeks in GCC (ain’t gonna happen, not when CBs have futures accounts). The Fed knows they are absolutely screwed if commodity prices rise.

    • On February 6, 2019 at 2:00 pm,
      spanky says:

      I meant to say “the Fed might finally let COMMODITIES rally in 2020 or 2021.”

  6. On February 6, 2019 at 1:57 pm,
    spanky says:

    The commodity complex is a weeks worth of selling from making new 50+ year lows.

    It should have EXPLODED higher after Powell’s pathetic FOMC. Instead we are setting up for the opposite.

  7. On February 6, 2019 at 10:26 pm,
    Matthew says:

    Michael Oliver gold update:
    (He’s very good at what he does AND is smart enough to know that fascism is part of the left, not the right.)

    • On February 6, 2019 at 10:40 pm,
      David says:

      Good to see that Trump is on the left. The people may get more help now.

      • On February 6, 2019 at 11:19 pm,
        Matthew says:

        Leftists cause far more harm than good and always have. It’s the nature of the vile beast.

  8. On February 7, 2019 at 7:51 am,
    spanky says:

    GCC is headed down. Probably to a new low.
    Absolutely unbelievable IMO. Completely engineered by world central banks.

    Even if it just trends sideways to up slightly, GCC is capped for most of the year at the 18.60 region, IMO, based on the weekly Ichimoku cloud.

    I have an extremely hard time seeing how metals or miners will get any further traction this year whatsoever.

    • On February 7, 2019 at 8:15 am,
      spanky says:

      There is still a tiny chance GCC reverses and rockets higher, but the odds of that happening at this point are nearly zero now.

      And if it does make a move higher in two weeks time, it will be too late to do anything this year–like I said, 18.60 will likely be a hard cap. It needs to get moving now if there any hopes of a sustained rally this year.

  9. On February 7, 2019 at 8:25 am,
    spanky says:

    If SLV:GLD is going to break down, it will likely come on a huge gap down in the next 3 trading days.