Jordan Roy-Byrne
Author, CMT, and Editor @ The Daily Gold
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. TheDailyGold.com was recently named one of the top 50 Investment Blogs by DailyReckoning and WalletHub.
Jordan Roy-Byrne Articles
Gold and Silver broke out again late last week. Gold closed above $2700 last Thursday, and Silver followed Gold’s breakout with one of its own.
Crash calls are a permanent fixture on social media which attract quite a bit of attention. None of them are even close to viable today.
Gold cleared $2700 on Thursday to a new all-time high and Silver and the gold stocks exploded higher to close the week. Gold is on track for $3000 and Silver now has a potential target of $38.
The upside targets in GDX, GDXJ and SILJ if Gold goes to $3000 and Silver to $35. Also, new highs indicator can help identify sell signals.
The secular bull market in stocks is ongoing but in its 16th year. Gold & Silver have a lot more upside potential when it ends.
Gold is overbought, but history suggests it can become even more overbought. Meanwhile, Silver made its highest monthly and weekly close in 11 years. Both metals have room to move before stiff resistance sets in.
These are 5 important charts to keep an eye on. They include the Gold vs. 60/40 chart and inflation adjusted Gold price.
Gold, Silver and the miners closed the week mixed after Monday, which was a strong monthly and quarterly close for the sector. We review the near-term outlook for Gold, Silver & the miner ETFs.
For technical analysts, the end of September means fresh monthly and quarterly charts. Our entire world is focused on the short term at the expense of the long term. As such, monthly and quarterly charts are rare.
Gold traded up close to $2720, a technical target we mentioned a few weeks ago. Silver reached $32 but sold off to end the week. Nevertheless, it made its highest weekly close in 11 years.
