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Jordan Roy-Byrne: Gold Due for Relief Rally, But Bigger Move is on Hold

Jordan discusses where the market is and why it failed to break-out. Traders were anticipating a breakout, and many are likely disappointed. The dollar is consolidating and now above the long-term moving average. Concerning GDX and GDX.J, things are still pretty dull. Jordan warns that “Silver is also on the verge of breaking down out of a triangle.”

We’re not entering a new bear market but are likely setting up for a wash-out over the next few months. Perhaps a double bottom with a higher low. We’re moving from a dull market to a potentially dangerous one. Jordan is concerned more about downside in the metals than shares as there is not likely much selling power left in stocks. He warns, “We could potentially see $1040 gold and $13.00 silver.”

He discusses various historical trends for the gold market based on the 1990’s and federal reserve rates. We are still waiting on inflation to kick gold to new highs. When the markets begin to roll over that is when the Fed will stop hiking, and that is when gold will kick off. He sees this happening next year.

He feels that gold and silver are both oversold, and the dollar is overbought. He thinks that we may get some relief over the next month or two. He is looking for a rebound, and then we will see what happens from there. If we don’t get a rebound soon, then things could be more serious this fall.

Talking Points From This Week’s Episode
• A lot of issues building behind the scenes with markets and the Fed.
• Next cycle could kick off inflation.
• Expects a rebound this summer.
• Fall could see a retest of the previous low.

Jordan Roy-Byrne, CMT, MFTA is a Chartered Market Technician and Master of Financial Technical Analysis who is a member of the Market Technicians Association. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for precious metals investors. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market and his 2017 Gold & Silver Outlook which are available for free on his website.

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