Jordan Roy-Byrne – Are We Seeing A Non-Confirmation Bottom Form In Precious Metals?
Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on silver, gold, and the PM mining stocks. We start off discussing the key support level gold is hovering around, and while it has been correcting down further over the last few months, we could be seeing the early stages of a non-confirmation bottom in gold.
With Silver having bottomed 2 weeks ago and rallying from the mid $17s to the mid $19s, and with mining stocks basically trending sideways, but not selling off much harder as gold corrects, then this non-confirmation of a further corrective move, could be the start of an intermediate term really. The bear case would be strengthened if gold did close decisively below $1675 for the week, and if it is unable to close above $1700-$1715 next week at the monthly & quarterly close.
We wrap up posing the question of if we are even still in a bull market in gold, if the last 5-6 years was a bull markets, and if we’ve been in a bear market the last 2 years. Jordan breaks down some interesting technical and inter-market analysis observations, but points to the necessity to see the general markets roll over under the 40 month moving average to ultimately show they are in a secular bear market, and for that to provide the leverage for PMs to diverge and begin a true secular bull market.