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
It was another bad week for precious metals as Gold declined 1%, Silver over 2% and the miners lost over 6%. The S&P 500 closed the week at a new record high. The Gold to S&P 500 ratio closed the week at a new 17-month low.
I have been writing about Gold’s super bullish cup and handle pattern since 2021. The pattern is super bullish because the handle consolidation of the past few years has transpired above the 38% retracement (around $1675/oz), and the peaks...
A steepening in the yield curve to above 0 and in a vertical fashion indicates an imminent recession. The yield curve has steepened to -0.17 and flashing yellow.
Gold enters the week at $2052. It has support at $2020 and $2000. Gold is trading at the midpoint of its range and has already tested resistance at $2100.
It was a quiet week for Gold, Silver and the miners. Resistance remains at $2100 for Gold, while Silver remains well below $26. The miners lost 4%-5% on the week.
We cover the yearly, quarterly, monthly and weekly candle charts for Gold. Gold closed the year and quarter in strong fashion, but it needs to break $2100 to generate further momentum to the upside.
The technical setup for gold and silver stocks is bullish as 2024 beckons. Putting macro aside, we focus on the price action for GDX and GDXJ as well as the breadth indicators for GDX and highlight a few comparisons.
Next week brings a number of key timeframes for Gold, which closed the week at $2069. We want to see it maintain these levels as it closes the quarter and year especially.
The signal is a steepening yield curve driven by a decline in the 2-year yield. This has preceded or coincided with nearly all recent market declines and recessions.
I have been writing about this for years, but it bears repeating because many gold bugs deny or gloss over its reality. Although Gold is hovering around all-time highs, the precious metals sector will remain in a secular bear market until...
