Precious Metal Video Update: Gold, Silver, Gold Stocks at Resistance

Jordan will be doing regular precious metal updates on each Thursday starting today.

He gives us an overview of the latest COT results. The Net spec position is currently at an extreme. He cautions that gold may keep running up in spite of the COT spec positions.

For gold, there is resistance at the 1550 level and additional Fibonacci resistance at 1555. Gold is currently between support and resistance and has a measured upside target of 1700. GDX & GDXJ are testing long-term resistance.

Talking Points From This Week’s Episode

  • COT Report and Net Spec Position
  • We are between support and resistance.
  • He sees an upside target of 1700.
  • This is a major technical breakout.
  • Technical target for silver is mid $18’s
  • Silver could reach $24 by March.
  • GDX & GDXJ are testing long term resistance.

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.

Jordan latest book “The Coming New Bull Market in Gold” can be found for free on his website: https://thedailygold.com

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