Key Levels for Gold & Silver Into 2023

Author, CMT, and Editor @ The Daily Gold
December 7, 2022

Precious Metals traded up to the resistance levels we noted a week ago but reversed lower to start the week. 

Precious metals have rebounded with the broader market. There needs to be a transition in which they lead and perform in real terms. But I digress. 

Let’s look at the key levels in these markets, starting with Gold.

Gold reversed course after trading up to the 200-day and 400-day moving averages just above $1800.

Initial support is $1735, with the strongest support around $1680. If Gold loses $1735, look for a test of the upper $1600s. 

The Gold to the S&P 500 ratio has traded sideways for the last nine months. A push to the upside while all markets decline would be a bullish omen for precious metals for the next 12 months. 

Silver rallied up to and reversed course at its 400-day moving average. The next support levels are $20.75 and $19.75. 

Silver has strongly outperformed over the past few months, which is a good sign for the sector. However, Silver could underperform Gold for a while if a recession sets in and the S&P 500 trades towards and below 3,500. 

GDX and GDXJ reversed course at their strong resistance targets of $30 and $37.

GDX has support at $25 and $26.75, while GDXJ has support at $29 and $31.50. 

The rebound in the miners compares better to the rebounds of late 2000, mid-2005, and summer 2018 than the rebounds of 2008, 2016, and 2020. 

GDX has rebounded by roughly 40% since its September low. After a similar rebound off the 2000, 2005, and 2020 lows, gold stocks corrected approximately 20%, 15%, and 15%. A 15% decline from the peak takes GDX to the $25s. 

The length and severity of a correction could depend on how soon the Fed has to reverse course and how soon the stock market threatens a retest of its lows. Those factors could hit precious metals initially, but they would set up the start of a real bull market in earnest.  

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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 Premiuma 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. was recently named one of the top 50 Investment Blogs by DailyReckoning and WalletHub.

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