Jordan Roy-Byrne - Techncial Commentary – Wed 8 May, 2019

Technical Comments On The Reversal In Gold Today

Jordan Roy-Byrne, Founder of The Daily Gold shares his thoughts on the gold, GDX, and silver charts. It was a disappointing reversal for gold this morning as it reached $1,290 then dropped $10 in a couple hours. Overall the metal is still very much within its range however the stocks and silver continue to drift lower.

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Comments:
  1. On May 8, 2019 at 2:05 pm,
    cfs says:

    It is almost impossible to use fundamentals to try to predict the price of gold anymore.

    There are trade rumors all over the place.
    There is action by the Silicon Valley Cartels in suppressing conservative speech.
    e.g.
    https://www.youtube.com/watch?v=hC7TBnczgho
    The price responds to many different news items, then there is also price manipulation.

  2. On May 8, 2019 at 2:35 pm,
    cfs says:

    Perhaps Gold corrected because Tottenham just won, so there will be an all British, Tottenham vs, Liverpool in the UEFA Cup Football Final in Madrid.

  3. On May 8, 2019 at 3:29 pm,
    OOTB Jerry says:

    Insiders are ticked, because the sheeple finally figured out the SYSTEM IS RIGGED…..
    https://www.zerohedge.com/news/2019-05-08/yes-system-rigged-question-how

  4. On May 8, 2019 at 3:29 pm,
    spanky says:

    We should be starting a new intermediate cycle, but silver looks like it wants to waterfall lower, at least vs gold.

    All of the miners looked primed for waterfall declines for that matter on every timeframe.

    GCC continued to get pounded even lower today.

    In sum, this is shaping up to either be the start of the next leg down in the commodity bear (a la January 2013), or a major, major bottom. I don’t think we will know which until after the fact, unfortunately.

    The thing is, IF this were a confirmed bull, I wouldn’t hesitate to be buying GCC hand over fist today. But it’s not a confirmed bull–rather, its on the cusp of breaking to new multiyear lows after going sideways to dawn over the last 3.5 years. Arguably, the last 3.5 years has been nothing but a consolidation in preparation for another leg lower. Again, I don’t think we will know except in hindsight.

    I am surprised by the weakness in the miners over the last 3 weeks. They have completely broken down and there is zero support on any timeframe at this point save for bollinger bands, which are in the process of getting bent downwards. All of that bullish action since last fall has been wiped away. All of it.

    • On May 8, 2019 at 3:35 pm,
      OOTB Jerry says:

      Whether the elites or the public are aware of it or not, America is well down the path to terminal internal decay: Distraction, Lies, Infighting, Betrayal.

      • On May 8, 2019 at 4:09 pm,
        Chartster says:

        No sweat, OOTB. Trump has got this!
        It took someone going top-down. It never could have been fixed from the bottom-up. This is Americas last shot. It’s better to jump on board, instead of being the apathetic do nothing.

  5. On May 8, 2019 at 4:04 pm,
    Chartster says:

    Spanky,
    I don’t think commodities will fall more than another week or so. But, it looks like gold will hit the skids for the next two months or so.
    A good wash in gold down to 1050, then a V shape recovery would be perfect. If it takes 3.5 years to double bottom, the bull will be a really strong and long run.

    • On May 8, 2019 at 8:26 pm,
      Matthew says:

      There is no good technical reason to bet on 1050 gold. The next $230 move is far more likely to be to the upside.

      • On May 9, 2019 at 5:24 am,
        Chartster says:

        I agree that there’s no ‘good’ technical reason to see 1050. However, if gold closes below 1220 on the weekly chart, you will see 1050, as there’s nothing but air below 1220.
        And those gaps on GLD will get filled at that bottom near 102-105.

        The really scary thing is copper! It’s serious decision time for copper. If it breaks down much further it will hit the 2016 low. That’s the big economic WTF just happened in the world indicator.

    • On May 9, 2019 at 5:50 am,
      Excelsior says:

      Thanks OOTB. I’ve never been a fan of Tesla getting all the attention in the EV market, when the biggest players changing the trend will be the larger auto manufacturers and in particular the Asian car, bus, and ebike companies.

      Elon and Tesla get all the press and people judge the whole market through that lens which is a serious miscalculation and putting the focus in the wrong area. People think because one company is a chitshow that the whole market is defunk, which is FAR from the case. Asia is dominating, and that is why I’m interested in companies that will provide the raw materials for this energy trend.

      In the US and Europe it is exactly companies like VW that will clean Tesla’s clock in the marketplace, and the trend is happening globally, whether people get it or not.

      Cheers!

      • On May 10, 2019 at 11:35 am,
        OOTB Jerry says:

        🙂

  6. On May 8, 2019 at 7:24 pm,
    cfs says:
  7. On May 8, 2019 at 8:24 pm,
    Matthew says:

    DIA:GDX reversed at uptrend support-turned-resistance yesterday and closed today precisely at its 2015 high…
    http://schrts.co/piUtwnMX

  8. On May 9, 2019 at 6:56 am,
    spanky says:

    Huge gap down in GCC this morning.

  9. On May 9, 2019 at 7:34 am,
    spanky says:

    DBA has been in an 11 year bear market, arguably, and certainly since 2011. I actually did not realize how poorly the ag sector was doing relative to the rest of the complex.

    Again, I am not sure what the catalyst for a bottom will be. Maybe when Goldman owns all of the farms in America.

  10. On May 9, 2019 at 8:03 am,
    spanky says:

    Actually, the DBA chart has a huge H&S that formed between 2009 and 2014 that triggered and projects down to $14 exactly. So its possible that even if it does bounce in the near term, it’s got another 10-15% downside from today’s price ($15.59). With the way it is being sold, it could hit that level within a few weeks (I am assuming it will bounce for a week at least, soon).

  11. On May 9, 2019 at 8:13 am,
    spanky says:

    If I had to take a wild guess, I think this is setting up very similar to 2016. Commodities, miners and the US stock market will likely bottom more or less simultaneously. But again, just a guess.

  12. On May 9, 2019 at 8:17 am,
    Matthew says:

    GDX:SPY rejected at fork resistance…
    http://schrts.co/IiKAIzgn

  13. On May 9, 2019 at 8:23 am,
    spanky says:

    Yen has had a pretty substantial rally the last few days since the FOMC. It’s had to have lent some support to gold and even silver and the miners. Can’t wait to see what happens when it corrects.

  14. On May 9, 2019 at 8:32 am,
    spanky says:

    Let’s see–record US budget deficits, record US trade deficit, QT halted in December and rate hikes killed, and the Euro has done nothing but top and make lower lows since Powell opened his maw in December. Makes total sense.

  15. On May 9, 2019 at 11:54 am,
    larry says:

    /ES…this is a strong bounce from near support and at finished patterns…so some sort of near term consolidation into the 3 day memorial weekend…then we will see…market moods often change after long weekends

  16. On May 9, 2019 at 1:18 pm,
    larry says:

    NUGT…bought it at end of day…/GC was pushing up into the swing with some volume…..the swing low occurred on 5/3/19……tough one no doubt…a quick counter trend trade?…or a real intermediate/seasonal low?…no idea


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