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USD and Gold – With the dollar bouncing what does that mean for gold?

Jordan Roy-Byrne, Founder of The Daily Gold joins me to share his outlook for the Dollar and gold. We start with the possible bottom the US Dollar has put in and how much higher it could go from here. Then we move to the gold chart to assess the longer term cup and handle pattern.

Click here to visit Jordan’s site – The Daily Gold.

Discussion
115 Comments
    cfs
    Jun 16, 2021 16:55 PM

    2021-06-16 13:13 ET – News Release
    Mr. Frank Basa reports
    CANADA SILVER COBALT HITS BONANZA-GRADE SILVER AT 53,739 G/TONNE WITH GOLD EQUIVALENT OF 23.31 OZ/TON

    cfs
    Jun 16, 2021 16:58 PM

    Ely Gold royalty files NI 43-101 report on Jerritt
    2021-06-16 13:08 ET – News Release
    Mr. Trey Wasser reports
    ELY GOLD REPORTS FIRST MAJESTIC SILVER CORP. FILES NI 43-101 TECHNICAL REPORT ON JERRITT CANYON MINE, ELKO COUNTY, NEVADA

      Jun 17, 2021 17:50 AM

      As usually,I find results good and the market doesn’t. 🙄

    Jun 16, 2021 16:10 PM

    Time for Consolidation and Lower Volatility

    June 11, 2021 Jordan Roy-Byrne CMT, MFTA

    “Gold endured a 20% correction over eight months. A 15% rebound followed that in two months. It has retraced some, but not a majority of the losses.”

    “This action is all part of the handle of a super bullish cup and handle pattern.”

    “The handle itself is part of a much larger bullish consolidation, but the market is approaching resistance within the handle.”

    “Below we plot GDXJ, GDX, Gold, and Silver…”

    https://thedailygold.com/time-for-consolidation-and-lower-volatility/

    cfs
    Jun 16, 2021 16:19 PM
      b
      Jun 16, 2021 16:48 PM

      bobs video was removed.

        Jun 16, 2021 16:59 PM

        The lefties in charge know that telling the truth is a revolutionary act.

    Jun 16, 2021 16:51 PM

    The timing, with everything that is wrong with the economy, seems orchestrated.

    Jun 16, 2021 16:56 PM

    The precious metals don’t always follow the dollar. Self fulfilling prophesy…again.

      Jun 16, 2021 16:59 PM

      No the precious metals are not always correlated with the dollar. The commodity sector is more responsive to moves in the dollar, but gold is more responsive to negative real rates, and the balance between interest rates with the rate of inflation.

    Jun 16, 2021 16:15 PM

    Yes: unsolvable debt, never ending treasury bailouts, negative rates that the have to have to survive (congress and the fed or face jail), falling tax receipts, insufficient jobs, insufficient housing starts, out of control inflation, corruption, distortion of truth, on-going pandemic, stalemate in Congress, Law enforcement undermined, media thwarted…on and on… No, this is not precious metals affected by a worthless dollar…this is a corrupt economic system fighting against real money! Enough self-fulfilling prophesies!

      Jun 16, 2021 16:25 PM

      +1 Yes to the above-mentioned points David. What a mess…

    Jun 16, 2021 16:29 PM

    The Earth is no longer flat!

    Jun 16, 2021 16:23 PM

    It’s a good sign that “risky” SILJ was able to rise 1% versus GDX on a day like today.
    https://stockcharts.com/h-sc/ui?s=SILJ%3AGDX&p=D&yr=1&mn=0&dy=0&id=p73085779732&a=961488305

      Jun 16, 2021 16:27 PM

      Yes, overall the Silver miners have held up relatively well the last 2 days, and the weakness in mining stocks has been more apparent in the Gold stocks, although, even they have held up better than expected during the metals pullback.

      Jun 16, 2021 16:39 PM

      Thanks Matthew. I am looming to finish in the green this week.

        Jun 16, 2021 16:41 PM

        Always looming. Looming = Looking

    Jun 16, 2021 16:35 PM

    Wow, big pullback in PM’s. My portfolio barely yawned

      Jun 16, 2021 16:42 PM

      Bonzo

      I spoke about this earlier in the day when the massive drop in bullion happened and how the stocks held there strength. I have spoken about the importance here and now and that I think the miners will finally start to outperform the metal. I’m sure one of Matt’s charts will indicate that.

      Now let’s be humble lol and respectful towards this Mother Nature and market. I do believe we will break higher sooner rather then later.

      Steady as she goes….

      Jun 16, 2021 16:43 PM

      Alright!!! …time for a Rally!

    Jun 16, 2021 16:34 PM

    Hugely OFF TOPIC: TIME 12:12 pm edt. BIG SHOUT OUT to Roger Waters, WHO faced facebook from just around the corner from Zig Zag’s Otto Zues. Another brick in the wall not for sale. Wait for here comes Johnny. How long? Boss stalled, Cougar up

    Jun 17, 2021 17:16 AM

    In overseas trading Gold is down to $1807

    Silver is down to $26.84

    This may be the move down in the PMs that starts to wash out sentiment again, so I’ll be looking for any reasonable selloffs in quality mining stocks to add to positions on Thursday. As I mentioned a few weeks back, I had trimmed back positions in May looking to capitalize on any weakness we saw in June, and it looks like it is finally starting to arrive. I’m not going to blow out all my cash tomorrow, but will layer in another small tranche in a number of companies to beef up positions, and keep another round of dry powder to fire off in case gold does get down into the $1700s.

    Good luck to everyone on Thursday, and I’m looking forward to going shopping if weak hands start to capitulate in the miners here in mid-June.

      Jun 17, 2021 17:28 AM

      Yep, with Gold now in the $1770’s this is a good fishing line sell-off day to be on the bid. I’ve done over a dozen trades so far today, and am likely going to do a half dozen more buys. I also sold or trimmed a few of the clean energy stocks and battery stocks to rotate some funds over to the Uranium stocks as they are having a big draw down today as well.

    Jun 17, 2021 17:27 AM

    I think I posted here when I sold WPM on May 19.
    I’ve started buying again – adding some yesterday and prolly more today, June 17

    The 15-year weekly chart of WPM/GDX ratio shows WPM outperforming GDX by 474% I realize there’s some one-stock-risk associated with buying WPM instead of GDX, but I believe the risk is minimal.

    https://schrts.co/CWrZfnDT

    BDC
    Jun 17, 2021 17:28 AM

    Gold : https://postimg.cc/jwf5fD1f
    Two steps to Chapman F possible.
    Red Hash : 78.6% ‘Move of Move’.

    Jun 17, 2021 17:45 AM

    Took a beating on my Kinross Gold yesterday.
    Took a lickin but I’ll keep on tickin.

      BDC
      Jun 17, 2021 17:51 AM

      GDX call today may be a good day trade.
      700%+ on 17 May : https://postimg.cc/Thrqb9Bt

      Jun 17, 2021 17:48 AM

      Hey Terry. Meant to comment when you mentioned making nice returns on options writing…have to agree there’s some great opportunities there. I was doing it with banks after the March meltdown and have been doing the same with my EV play Chargepoint….hadn’t looked at premiums lately for producers but I will again. Thanks

    Jun 17, 2021 17:10 AM

    I was personally hoping for more of a grind down than a cascade plunge in gold. This does not bode well in the near term as damage has been inflicted. The bulls were tired afterall. Lets hope the quick plunge doesnt erode too much confidence longer term.

      Jun 17, 2021 17:53 AM

      That’s interesting because I was hoping for exactly this action because this is how moves down end decisively. To be clear, I wanted this but did not “expect” it.
      I’ve done about 20 trades this morning so far.

    Jun 17, 2021 17:16 AM

    The blood bath phase as Gary would call it is here.. Like mentioned before the bottom should be in anytime soon. Today, tomorrow or Monday but it’s coming no doubt 100% sure..

    Glen spoke about three key levels

    $1764 was the first and a final level that I personally do not want to see breached. Give or take some night day $1750-$1760…but that $1764 is bottom for me or we have trouble.

    Next levels week sookena out was $1775-$1802 of which the drop last night bounced off $1803 and retreated to my latest revision of $1823 which I thought could hold but did not.

    Make it clear again and as stated yesterday these days are for buying. However the miners are showing strength since yesterday and if they don’t move much today then many of the miners have already completed there lows and select few work drop a bit. I’m 5% cash left and will not buy on this dip. If gold goes to new lows then we will see but I don’t see that happening. If we turn which o believe so I will add from intermediate correction up higher.

    I’m glad this correction came it’s why I wanted from long ago and kept saying we need mes this and the setup would be really really good “ if” gold holds and we turn up soon. Just a few weeks ago many were excited we are going higher but I mentioned the miners were not moving I’m glad I waited never chase let the market come to you.

    Best of luck to all

    Glen

      Jun 17, 2021 17:40 AM

      Nice Call……….. I am taking two aspirins and call you in the morning Dr. Glen… lol

        Jun 17, 2021 17:11 AM

        Lol Jerry for what it’s worth turned the computer off and walked away..

    Jun 17, 2021 17:20 AM

    My guess is the bullion banks don’t have the physical in an inflationary environment. They need ours.

      Jun 17, 2021 17:31 AM

      Bank stocks all up pre-market. Who controls prices? Exactly what non-action by the Fed triggered the abnormal across-the-board hit. Basel III ? Inflation? Debt Levels? Liquidity? Greed? Corruption? Lack of Regulation? Partisanship? Self-Interest? Fiduciary Responsibility? All The Above.
      If all or some of the above, where should the price of gold go?

        Jun 17, 2021 17:41 AM

        45 Degree walk down in paper price of physical gold shows electronic intervention in market paper price. A free market does not perform in a straight line. Rigged markets do.

        Jun 17, 2021 17:04 AM

        The Pump of the Fed is overblown on CEO. “Jaw Boning” is not “action”. Another red flag.

          Jun 17, 2021 17:45 AM

          ceo = cnbc

    Jun 17, 2021 17:29 AM

    Yes David and how they do it is criminal..

    BDC
    Jun 17, 2021 17:46 AM

    Bot JNUG @ 91.62

      BDC
      Jun 17, 2021 17:47 AM

      Stop Ask 90.89

        BDC
        Jun 17, 2021 17:48 AM

        Make that bid 90.89

        BDC
        Jun 17, 2021 17:15 AM

        Need Silver to join the turn!

        BDC
        Jun 17, 2021 17:13 AM

        II Corp: Retreat to R&R.
        I Corp ready for deployment.
        Kampfgruppen in reserve.

      BDC
      Jun 17, 2021 17:08 AM

      Raised to break even — stopped out.

    Jun 17, 2021 17:46 AM

    I’d like to to know what some you think the lowest scenario could go this drop as to not invalidate the double bottom.

    $1764 is mine however can we have a scenario we’re we drop pas that without breaking to new lows and closing those monthly gaps in gdx I spoke about mucho tiempo about?

    Any thoughts other technicians

    Jun 17, 2021 17:48 AM

    Came right down to $1776 bucks by of the $1775 lol.. if that breaks boys all I have left is that $1764 maybe little less.. I smelllll criminality and a turn

    Jun 17, 2021 17:51 AM

    78.6 retrace? Unless we hold here tight ship…$1764-17766 🤞

      BDC
      Jun 17, 2021 17:58 AM

      Possibly 1728. Late summer. 78.6%

    Jun 17, 2021 17:12 AM

    They can drive the price down to discourage investment in Precious Metals, but purchases by Sovereign States and managed money will trigger supply/demand issues possibly beyond physical availability. They have a conflict in result if precious metal prices are pushed down too far. We will see.

      Jun 17, 2021 17:18 AM

      Look for opportunities.

    Jun 17, 2021 17:13 AM

    weekly /GC possible targets below…..1713=.618 & 1677=TD9 breakout level retest…..

    https://tos.mx/eHLVAiN

    Jun 17, 2021 17:20 AM

    Great to see everyone’s opinion.. a trend I’m watching has us stay around here and mini pop tomorrow and Monday low. Tuesday the turn. But that ain’t a crystal ball

    Best of luck to all

    Jun 17, 2021 17:38 AM

    Bought again NFGFF @ $8.00

      Jun 17, 2021 17:59 AM

      Bought IRVRF @ $1.42; EXK @ $6.65; FSM @ $6

        Jun 17, 2021 17:34 PM

        Full position unexpectedly today again – last tranche NFGFF @ $7.72

    cfs
    Jun 17, 2021 17:44 AM

    Osisko Mining drills 2.1 m of 184 g/t Au at Windfall
    2021-06-17 08:44 ET – News Release
    Mr. John Burzynski reports
    OSISKO CONTINUES TO ADD HIGH-GRADE AT LYNX
    Osisko Mining Inc. has provided new analytical results from the continuing drill program at its 100-per-cent-owned Windfall gold project located in the Abitibi greenstone belt, Urban township, Eeyou Istchee James Bay, Quebec.

    cfs
    Jun 17, 2021 17:49 AM

    Endurance drills 15.24 m of 14.08 g/t Au at Reliance
    2021-06-17 07:44 ET – News Release
    Mr. Robert Boyd reports
    ENDURANCE REPORTS DRILL ASSAY OF 14.08 GPT GOLD OVER 15.24 METRES AT THE EAGLE ZONE
    Endurance Gold Corp. has provided the final assay results for the remaining 30 of the 35 reverse circulation (RC) holes drilled in 2021 at its Reliance gold property in Southern British Columbia.

    cfs
    Jun 17, 2021 17:51 AM

    Rockridge drills 14.02 m of 2.34% CuEq at Knife Lake
    2021-06-17 07:12 ET – News Release
    Also News Release (C-EPL) Eagle Plains Resources Ltd
    Mr. Jonathan Wiesblatt of Rockridge Resources reports
    ROCKRIDGE INTERSECTS 1.95% CU, 0.11 G/T AU, 7.41 G/T AG, 0.53% ZN AND 0.02% CO (2.34% CUEQ) OVER 14.02M AT KNIFE LAKE COPPER PROJECT, SASKATCHEWAN

    cfs
    Jun 17, 2021 17:54 AM

    Roxgold drills eight m of 39 g/t Au at Seguela
    2021-06-17 06:15 ET – News Release
    Mr. John Dorward reports
    ROXGOLD INTERCEPTS 39 G/T OVER 8M AT NEW GABBRO NORTH PROSPECT AND EXTENDS SUNBIRD WITH 15.1 G/T OVER 12M AT SEGUELA PROJECT
    Roxgold Inc. has released initial results from the newly discovered Gabbro North prospect, further results from stepout and infill drilling at the recently discovered Sunbird deposit, and additional high-grade results from depth extension drilling at the high-grade Koula deposit, at the Seguela gold project located in Ivory Coast.

    cfs
    Jun 17, 2021 17:55 AM

    Firefox drills 1.35 m of 93.88 g/t Au at Mustajarvi
    2021-06-17 06:04 ET – News Release
    Mr. Carl Lofberg reports
    FIREFOX GOLD DRILLS 93.88 G/T GOLD OVER 1.35 METRES AT MUSTAJARVI PROJECT, FINLAND

    Jun 17, 2021 17:21 AM

    In November 2008 crash when Obama was first elected, CDE went for $3-4. By the time Santa arrived a month later it had more than doubled. I got some cash and hoping the same thing happens this time.

    Jun 17, 2021 17:57 AM

    SILJ fell to a Schiff fork support as well as the “S1” pivot support before catching a bid this morning…
    https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=11&dy=0&id=p03138669210&a=960886383

      Jun 17, 2021 17:02 AM

      Thanks for the chart..

      I think the most damage has already been Inflicted. And yes some miners could move down slightly more but the overall damage has been done. I believe the weekly candle will finish around here or slightly higher. $1864 is still a possibility but I’m not to concerned.

      I think we’ll I really believe next weeks weekly candle will shock many and yes it will be green. $1880 end of next weekly candle is what I see. Again no crystal ball but this action smells exactly like what it is.. hang tight

      Glen

    Jun 17, 2021 17:59 AM

    Picked up a few more Emerita @.7742. Waiting for more drop…

      Jun 17, 2021 17:26 AM

      Picked up a few more Emerita at .745

    Jun 17, 2021 17:05 AM
    Jun 17, 2021 17:06 AM

    KTN is sitting on S2 pivot support (these particular pivots are Fibonacci-based)…
    https://stockcharts.com/h-sc/ui?s=KTN.V&p=D&yr=1&mn=2&dy=0&id=p70569584881

    Jun 17, 2021 17:15 AM

    Nice 👍

    Correction from my previous post was $1764 vs $1864

    Approaching $1764 7-8 bucks away

    This is one long red candle

      Jun 17, 2021 17:42 AM

      On June 17, 2021 at 8:40 am,
      OOTB Jerry says:
      Nice Call……….. I am taking two aspirins and call you in the morning Dr. Glen… lol

      Reply to this comment

    Jun 17, 2021 17:16 AM

    For those who can access a four hour chart:
    https://stockcharts.com/h-sc/ui?s=GDX&p=240&yr=0&mn=4&dy=0&id=p18526734140&a=974209713

    GDX is sitting just above its May 3rd gap.

    Jun 17, 2021 17:19 AM

    Would also be nice if the afternoon we ride sharply up

      Jun 17, 2021 17:26 AM

      That might have to wait until tomorrow.

        Jun 17, 2021 17:30 AM

        Good point Matthew

        What are your thoughts of getting that last gdx gap filled at about 32 and change can we do it quick and swiftly is it possible by tomorrow or say Monday?

          Jun 17, 2021 17:38 AM

          I don’t think it will get filled and am betting that the low is today or tomorrow morning.

            Jun 17, 2021 17:51 AM

            Thanks

            Same the low feels very very close

    Jun 17, 2021 17:41 AM
      Jun 17, 2021 17:52 AM

      Same here nice chart

      Jun 17, 2021 17:29 AM

      Those are some abnormal looking charts. Thanks Matthew.

    Jun 17, 2021 17:31 AM

    at this point and considering volume and very bearish candles…my downside target moves to the bullish tas profile on the monthly chart at 1706…I have to call it that way…per my method…sorry…https://tos.mx/SEQ4XiJ

    Jun 17, 2021 17:34 AM

    Hi Matt/Glenn/Ex,I have some dry powder I’ve been saving for a rainy day!
    Any Juniors you folks would recommend @ this point?(gold or silver)
    Thx in advance!

      Jun 17, 2021 17:39 AM

      Among the juniors, I added quite a bit of Brixton Metals, Impact Silver and Kootenay Silver today.

        Ann
        Jun 17, 2021 17:29 PM

        I also Matthew… bbb… ktn also ssv..skyg and xtm

          Jun 17, 2021 17:25 PM

          In addition to the ones listed today, I had loaded into Galleon when it was around .10. Had actually bit heavy quite some time before that at .around .03 -.04.
          While not juniors… one of my largest holdings now is actually CDE and next is Alexco. Lucked into that one around $1.40.
          I would think Matthew would be talking about JAG a bit more lately.
          Although a bit rich, I think getting into MAG wouldn’t hurt if you’re not in it at this time. I’m not sure if it’s going to trip from here though.
          I’ve not heard much about Yamana or PureGold from the family here lately either (maybe so, but then I’ve missed it), but those are old fav’s of Doc and I’d guess he is nibbling with the more recent drop.
          I’ve kept a heavy hand in the royalties as well.
          I think we’ll see another dip and wobble tomorrow with a push up on Monday.

      Jun 17, 2021 17:16 AM

      Poko,

      Exactly what Matt said and look at the monthly on Scorpio.. Scorpio looks like it’s going to print some big ass candle in July

    Jun 17, 2021 17:37 AM

    Silver has now made it to the 40 week MA which happens to be roughly equal to the 233 day MA. Both are at 25.78 as of yesterday’s close. The following chart will update this evening:
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=6&mn=7&dy=0&id=p66254053902&a=426943004

    Jun 17, 2021 17:38 AM

    time to buy gold right now for day trade…RSI divergences on all charts below 30 minutes…261.8 fib expansion of ABC down…i am not recommending this….

    BDC
    Jun 17, 2021 17:51 AM

    Interest Rate Pong: https://postimg.cc/HrCpGt37

    Jun 17, 2021 17:09 AM

    Thanks Matt!
    News any day now from Galleon!!

      Jun 17, 2021 17:30 AM

      I just got filled on some Galleon too. Bring on the news!

    Jun 17, 2021 17:23 AM

    Thx Glenn!
    I will definitely look @ Scorpio.

      Ann
      Jun 17, 2021 17:40 PM

      Yes thx.Glen.I will also.

    Jun 17, 2021 17:53 AM

    Hey Matt,I just bought a little Galleon myself!!
    2+ now

      Jun 17, 2021 17:26 PM

      Very nice, Poko! 🥂

    Jun 17, 2021 17:53 PM

    Going to bring the boys on including Jerry, Irish, Matt ( sorry had to include you), wolf, David, Larry, dt ( I know we have beef lol), Canuck, ozi, Ann, doc, Alex who said don’t waste your time on him and everyone else on the family ker..

    Ex don’t take this as a negative but take it as negative but constructive thought. Now that you were part of the management team or working with Corey and Al I would think you’d like to know some of the viewers and posters that have been around for a while and their point of you? So my thinking is this…. When a threat is on fire I actually believe that’s a great thing as ratings and volume increase so I’m trying to understand the concept of killing a hot thread now Jerry you can jump in with over 100 posters and bumping it down. Again I don’t want to argue or debate we have past history. But I’m truly thinking from a broad perspective and a grander scaleThat when something is hot you ride it and I feel the curtains to kill it just a thought maybe something you can look at without coming back at me with negativity I’m just a poster. I personally hate when something is going really well I like to ride it more so when you have the big boys in here posting.

    Glen

    Corey these are my thoughts I hope you read this because it is interesting I think when somethings going pretty good other stuff can be left for another day

      Jun 17, 2021 17:06 PM

      Glen,
      I have been in and out today…….
      concerning,
      “I’m trying to understand the concept of killing a hot thread “….you say…

      I would agree, with …. when it is hot, let it run.

    Jun 17, 2021 17:54 PM

    Ex Sorry lol I said don’t take it as a negative but a positive is what I meant to say you know me by now driving while texting well voice texting

      Jun 17, 2021 17:59 PM

      Just as the bible says……… Iron sharpening Iron….. each person gains and makes the other just a little sharper……. 🙂

    Jun 17, 2021 17:55 PM

    You=view

    Lol

    Jun 17, 2021 17:21 PM

    Wow,…..I just looked at silver today….. Wack Job