Jordan Roy-Byrne – Have We Seen A Breakout In Gold, Silver or Gold Stocks?
Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to share his insights on the gold, silver and gold stock ETF (GDX and GDXJ) charts. After a very strong move that started on Friday I ask Jordan if any of these charts are showing true breakouts. He shares higher levels to watch on the charts for each gold, silver and gold stocks. We also discuss the capitulation between individual PM stocks compared to the ETFs.
You’re correct.
🙃
sell some more pills that destroy health…you will feel better
Sorry Doc looks like you are wrong again.
My account has been up for the last 4 days by about 12%, today it is down 1.5%. I don’t know whether we are out of the woods, I don’t see The Bears, but they might see me. DT
Perhaps not quite out of the woods completely but buying pullbacks like today’s and/or holding positions bought recently is the right course of action.
Price action as well as less understood and employed momentum action both strongly suggest that we have seen a major low for the whole sector. There have been plenty of indications for weeks and even months that a very important low was in the works but some pieces of the puzzle were missing but now are in place. One was gold’s need to confirm silver’s strength and now it essentially has. Yes, this week’s closing price could help or hinder but some significant daily chart developments are already a done deal so they can’t be erased by a poor showing this Friday. If the bears manage to buy themselves any time at all it won’t be much. To be clear, there was no technical (or otherwise) need for today to be another UP day.
Silver looks great:
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=5&mn=0&dy=0&id=p26631871668&a=1236060031
Gold is finally acting well and will also look “great” if it can hold onto a decent closing price this week and I suspect that it will based on much more than its own action lately.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=11&dy=0&id=p71259762064&a=1057371406
Gold’s 200 week MA is almost 1696 so the bears will be gunning for that level while the bulls stack their bids there and just below.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=5&dy=0&id=p36367042559&a=1012439634
Those who only care about price might not realize how “done” the dollar is right now.
https://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=7&mn=7&dy=0&id=p26788835745&a=818135567
Kevin O’Leary makes me laugh; you see this big husky man saying Poo-Poo happens. Kevin is always wandering around in the woods looking for bargains, (oops I stepped in it again) you will never find them in a Bull Market like a Bear Market.
Agreed DT. We’ve had a nice run in the PM stocks and really a lot of resource stocks since the end of last week (right after some people came on with the Joe is right mantras — which never fail to be fantastic contrarian indicators).
Today (Wednesday) was a down day, but silver and the silver miners have had really nice moves leading up to today since Friday’s big volume surge, with some follow through on Monday and Tuesday. A corrective day was due after 3 big green days prior to it.
Now do you see a breakout with today huge gains, Lakedweller2? LOL!!!
Don’t really know. My account performance since Friday has been:
Friday: green
Monday: red
Tuesday: green
Wednesday: red
Thursday: green
Do you spot a trend.
day gdxj…channel and confluence zones…..https://tos.mx/L6eyesp
Couple of articles on Seeking Alpha recommending GDXJ
Was there an election yesterday in the US, I missed it. I don’t trust electronic voting machines. LOL! DT
GDX, HUI, etc, finished September and October higher even though gold finished both lower. That’s bullish.
Not surprisingly, GDX priced in Gold looks great:
https://stockcharts.com/h-sc/ui?s=GDX%3A%24GOLD&p=W&yr=7&mn=11&dy=0&id=p89805230330&a=1284528773
GDX is up 30% versus QQQ in just 2 months.
https://stockcharts.com/h-sc/ui?s=GDX%3AQQQ&p=D&yr=0&mn=11&dy=0&id=p62529062848&a=1287204273
NEM jumped about 20% in the 3 days following last Thursday’s bear trap low. Anyone who suggests or implies that that’s meaningless has some homework to do.
https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=2&mn=4&dy=0&id=p25069979658&a=996195317
Trend Strength: https://tinyurl.com/k8h8jpm9
Casey Slugs 4-Bagger. Joy In Mudville!
Dollar Down. Gap Painting Soon.
NatGas Bottom Forming.
Traders may consider selling the news.
Dollar is now in the ‘Paint Zone’.
.TNX : 2nd Gap of 3-Gap-Play filled. 36 zone soon?
Yesterday’s rug pull on PAAS was a gift. I’ll sell when it reaches $55.
THAT is the right attitude.
https://stockcharts.com/h-sc/ui?s=PAAS&p=D&yr=0&mn=11&dy=0&id=p80378380084&a=837525000
My account still range bound and has been for months. I see no breakout. That is not a technical conclusion … it is reality.