Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on gold and the gold mining stocks. We start off reviewing the strong quarterly close that we’ll see in the yellow metal tomorrow, but that the weakness in the March monthly candle, where gold gave back most of its gains during the course of the month, and further confirmed by the setup on the daily chart, that all indications are for an ongoing corrective period for the short to medium-term.
We then transition over to the strength in the mining stocks in the first quarter, and that Jordan is more constructive on the action in GDX and GDXJ where they did not go back down to fill their break out gaps, and didn’t have nearly as many bearish candles as gold has had. He sees the current consolidation in the mining stocks as likely forming a bullish flag or pennant, and that they have the potential to continue outperforming the metals.
Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.