Jordan Roy-Byrne - Technical Commentary on the Metals – Wed 6 Nov, 2019

Just how much damage was done to PMs after the selloff yesterday?

Jordan Roy-Byrne joins me today to share his thoughts on the precious metals sector after yesterday’s selloff. We look at the recent action in the gold and silver stocks as very encouraging for the overall PM complex however we probably won’t see a major move higher this year. We also address how the stock market, US dollar, and bond market are playing their rolls.

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Comments:
  1. On November 6, 2019 at 11:58 am,
    CFS says:
  2. On November 6, 2019 at 12:32 pm,
    CFS says:
  3. On November 6, 2019 at 1:16 pm,
    Matthew says:

    GDX, GDXJ and SIL finished above their 20 hour MAs today and look poised for more strength tomorrow.

  4. On November 6, 2019 at 1:38 pm,
    Paul says:

    I read where that selloff in gold was big boys trying to dump positions to drive price down because they have ton of short position and could get caught in short squeeze. Cot reports show lot of shorts. Anyone hear same.

  5. On November 6, 2019 at 1:40 pm,
    Paul says:

    Jordan what about tax loss selling ahead of us what will that do to miners?

    • On November 6, 2019 at 1:58 pm,
      Matthew says:

      GDX is up 28% YTD so I wouldn’t count on much tax loss selling this year.

  6. On November 6, 2019 at 1:45 pm,
    b says:

    A convoy of buses carrying employees and contractors of a Canadian gold mining firm and its military escort fell victim to an armed ambush in eastern Burkina Faso, leaving upwards of 37 dead and 60 injured, some reports say.
    The SEMAFO convoy was attacked by unidentified gunmen some 40km from one of its mines in the Est region despite an escort by local security forces. The total number of casualties is not yet known, and an official statement from the company only mentions “several fatalities and injuries.”
    @RT

  7. On November 6, 2019 at 1:51 pm,
    b says:

    gng awhile ago was saying they couldnt work at at least one of their sites in Mexico due to the cartel violence.

    Sounds to me this hard times around the world is having an effect on PM mining.

    Maybe its always been that way, a few years ago isis drove a miner in Mali into closing, the french moved in and drove isis out and the share price surged.

  8. On November 6, 2019 at 2:02 pm,
    Matthew says:

    I bought more JAG at .11 yesterday after it hit fork support at .105…
    https://stockcharts.com/h-sc/ui?s=JAG.TO&p=W&yr=3&mn=11&dy=0&id=p17637885583&a=653049310

  9. On November 6, 2019 at 3:35 pm,
    CFS says:
  10. On November 6, 2019 at 4:33 pm,
    CFS says:
  11. On November 6, 2019 at 6:50 pm,
    Charles says:

    Thanks for the charts. Weinstein is always a good gut check. Let’s hope the 30 week holds.

  12. On November 6, 2019 at 7:07 pm,
    CFS says:
  13. On November 7, 2019 at 5:43 am,
    larry says:

    https://tos.mx/NFQASxa
    If this descending channel proves valid…Then the overshoot above should be matched by an excursion below the lower line of channel..that would approximate my first target of 1412 /GC

  14. On November 7, 2019 at 7:56 am,
    larry says:

    https://tos.mx/PQsaCfa
    4hour chart of /GC..The failure is on wide price range and accelerated volume…IT is with conviction down…The consolidation of many weeks has proven to be significant distribution and the yearly top for gold should be cemented….Time analysis shows a possible trade able bottom in Jan. 2020…We will see…Currently this view is only in a Tom Demark 3 of the 9 bar count….GLTT

    • On November 7, 2019 at 9:10 am,
      Matthew says:

      Looks like we will know very soon if 1450 will hold. I still think it will so I have added to several tiny cap miners today.

      • On November 7, 2019 at 10:52 am,
        b says:

        I kinda figured 1450 will hold but if it doesnt Dec will be another opportunity to buy.
        Doc could be right tho, 1400 could collapse too.

        Dont see too many people moving to goldshares with the market moving up…we will see.

        • On November 7, 2019 at 11:17 am,
          Matthew says:

          I think way too many people, both bears and bulls, place way too much significance on the on the tariff talks. Gold’s real drivers, Fed policy and excessive debt, aren’t going anywhere negative for the metal anytime soon.

          • On November 7, 2019 at 12:18 pm,
            b says:

            I bought a few today myself, couldnt resist. Should 1450 hold it’ll be up and away.
            If a lower price happens in dec I’ll buy then too, actually I would probly buy at every $50 lower all the way to zero now.

            The biggest scary for me is if the banks freeze so will the markets, phyzz could be the wisest approach right now, Deutsche Bank could be an issue.

            Blessed be those that live in interesting times. 😉

          • On November 7, 2019 at 12:36 pm,
            Matthew says:

            I think you’d be okay holding your miners through such a market freeze since that environment would be extremely good for the metals that they mine.
            But I think the Fed would anything to avoid that scenario.

  15. On November 7, 2019 at 9:31 am,
    larry says:

    GDX on daily 8/1/19 bar is a massive reversal bar with huge volume..It is the volume characteristic that matters….It would take the lord jesus appearance on earth to relax through that…lol…first time, anyhow

  16. On November 7, 2019 at 9:46 am,
    larry says:

    GDX…looking at daily structure it is very possible that an even wider consolidation may form with 26 price area as a buy zone and maybe 28 area the sell repellent zone…maybe anyways

  17. On November 7, 2019 at 10:36 am,
    larry says:

    /GC…..We now have ‘ICE’ Wykoff term, at the 1485 price level due to intra day congestion…It IS very plausable for an ‘instant rally’, Wykoff term, to unleash back to test that once support that is now resistance…Short away if on light volume!…i.e. more than 10% less volume than down legs…

    • On November 7, 2019 at 10:51 am,
      Matthew says:

      Based on the action in the juniors, an instant rally seems very likely to me, too.

  18. On November 7, 2019 at 10:54 am,
    larry says:

    /GC no juice or momentum on the 10 minute and less time frames…..It ‘may’ fortel weakness overnight in the gold market…on the 30 minute chart we have a tom demark 8 count completed and if anothe 9 count emerges is is called a tom demark sequential and these define weakness in an issue…not certain of this happening at all…just a probability/danger to be aware of….