Jordan Roy-Byrne - Technical Commentary on the Metals – Wed 20 May, 2020

Here’s a close look at where technical resistance and support levels are for Gold and Silver

Jordan Roy-Byrne wraps up our editorials today with a look at the gold, silver, and GDX charts. We discuss the multi-year resistance levels that all are closing in on. Also a couple comments on the type of stocks that are moving.

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  1. On May 21, 2020 at 7:32 am,
    Josey Wales says:

    Everything is irrational leading to societal mayhem collapse🌪️

  2. On May 21, 2020 at 7:48 am,
    Marty says:

    25% in cash coming into today. Feels so good having some ammo.

    • On May 21, 2020 at 9:20 am,
      Excelsior says:

      Agreed. I’m only around 12% cash, but I was trimming on Monday & Tuesday to raise some dry powder, since things were getting overbought.

      I’m not sure if this is just going to be a small corrective pause, or a more protracted several weeks to several months corrective move, but I’m going to deploy a little cash into the stocks that have the steepest downside moves the end of this week in case it is the former rather than the later. The rest I’ll keep in the rainy day fund if there is a more protracted move.

      • On May 21, 2020 at 9:29 am,
        Excelsior says:

        Here was another bell ringing – sentiment was getting a bit too frothy.

        SentimenTrader @sentimentrader May 20 on Twitter:

        “The Gold Miner Index is up 77% over the past 2 months.”

        “The only other time this happened?”

        “December 2008, after which the Gold Miner Index still surged another 54% over the next year.”

  3. On May 21, 2020 at 9:19 am,
    confused says:

    I imagine one Jordan’s 7 and decade long resistance levels get broken, then we will overshoot by several hundreds dollars as 5+++ Trillion dollars of fedprinting can only push the golds way past historical highs. This is a serious pressure cooker which will end in a major devaluation 20++% of the USD and the “everything bubble”. Canadian housing crash is just getting started….I wonder how much of a headwind it will be for this commodity currency? Matt? Ex??

    • On May 21, 2020 at 9:27 am,
      Excelsior says:

      Hi confused. I agree Canada’s housing market needs to cool off, but that was easy to see in 2018 & 2019 and even opening up 2020 when it was hitting nosebleed levels. I popped up to Vancouver a few times the last few years and had discussions with a number of folks that Canadians seemed have missed the memo that housing prices don’t just go straight up.

      As for the commodity currency of the Loonie, I expect it to hold up better than folks expect, for the very point Matthew made yesterday about the resources backstopping it and that raw materials can’t be printed.

      Yes, the Fed printing Trillions and Trillions of dollars will eventually be the fuel to push Gold past it’s historical highs, and while a short term corrective move was in order and the PMs were getting overbought, in the medium to longer term, I feel more comfortable in Gold & Silver than ever… (of course I’m more partial to the miners that have ounces locked in the vault of the ground).

  4. On May 21, 2020 at 12:20 pm,
    confused says:

    Thanks EX! Very

    • On May 21, 2020 at 11:11 pm,
      Excelsior says:

      Cheers confused.