Jordan Roy-Byrne: More Correction Needed in Gold & Silver but Bullish Bias
The Daily Gold, Released on 4/30/23
Gold and Silver remain in a correction but thus far the damage has been thin. Gold has initial support at $1980 followed by $1950 and $1900. Silver continues to hold above $24.50. The action over the next week or two can inform us if a bull flag is developing or if there is more downside in terms of price. The gold and silver stocks have not corrected much but remain above their 50-day moving averages. GDX and GDXJ have corrected 9% and 11% respectively and could correct a bit more. There is strong short-term support around their 50-day moving averages.
0:00 Intro0:15 Gold & Silver4:03 GDX, GDXJ, SILJ
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 for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.
Jordan Roy-Byrne: More Correction Needed in Gold & Silver but Bullish Bias added by Herman James on 04/30/2023View all posts by Herman James ?+'