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
Last week, we wrote about the Near Perfect Setup in gold stocks but that a correction or pause was likely before a sustainable breakout. Gold closed the week at $2900 after trading as high as $2968. It has measured upside targets of $3000...
Gold almost hits $3000 and Silver busts through $34 but that was before a nasty Friday reversal. Miners, testing multi-year resistance also declined.
Gold to S&P 500 ratio is within 4% of testing a 4-year-long resistance.
Gold stocks have enjoyed a strong move while Gold has climbed to $2900/oz. The various ETFs and indices have gained 20% since the end of December.
Precious Metals closed last week and January strong, particularly Gold. The ancient metal of kings closed January up over 7% and Friday at a weekly all-time high of $2835/oz.
Gold’s breakout from a 13-year cup-and-handle pattern should have been more significant for the precious metals sector. It was not because of continued strength in the stock market and the lack of strength in precious metals in real terms.
Greg Weldon covers the macro outlook for 2025 and what will trigger the next big move in Gold and gold shares.
Gold’s big breakout was last year. It exploded through resistance at $2,100/oz, out of its super-bullish cup and handle pattern, and touched $2,800/oz.
Bond yields and the dollar are rising and perhaps its beginning to hit the stock market. Gold is holding up well but precious metals are in correction or consolidation mode.
Gold closed the week at a new all-time high against foreign currencies. Gold and Silver had a strong week while the miners showed less strength. We see a bit more strength before metals and miners retreat from resistance again.
