Precious Metals Short-Term Bias Higher as Silver Leads - Video

Jordan Roy-Byrne
Author, CMT, and Editor @ The Daily Gold
July 18, 2023

Dollar weakness is powering the precious metals sector higher as Silver and the miners lead. Last week, the GDX advance decline line cemented a positive divergence. There have been four other positive divergences in the last 7 years and all resulted in big rallies.

Silver cleared $24.50 resistance and should test $26. Meanwhile, Gold will test $1985-$2000 resistance. The Gold/Silver ratio is breaking down in favor of Silver. Gold needs to show more relative strength outside of dollar weakness.

The Daily Gold

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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.

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