Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss the continued correction in precious metals sector, in tandem with the pullback in most other markets, and where we may see a bounce. We start off with looking at whether gold could bounce from yesterday’s move down to the $1835 level seen at the start of the surge higher when the Ukraine war began. We then discuss the importance of support holding at the $21.41 level in silver, or it portends a quick move down to around $18.75. However, Jordan outlined that after 9 days of declines that when we’ve seen that kind of selling pressure in silver previously that it markets a bottoming where it had a significant rally, which he thinks is possible in the next month or two.
When considering Fed policy in relation the PMs, bonds, and general market weakness, it seems that the focus for a change in trend will come when the rate hiking cycle needs to be paused and shifted back to cutting rates again. We wrap up with thoughts on the mining stocks with Jordan providing support levels in both GDX and GDXJ where he’d expect a bounce, along with breadth signals he’ll be watching for.
Click here to visit Jordan’s site and keep up to date on what he’s watching on the charts.