Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

Jordan Roy-Byrne – “Upside Targets for Gold, Silver & Gold Stocks”

 

 

 

 

 

After a vicious selloff precious metals have stabilized. Its not a surprise given the breadth and sentiment extremes we noted and had predicted earlier. Although recent gains have met some resistance, the immediate path of least resistance should be higher. Let’s take a look at the key support and resistance levels for the metals and the miners.

 

 

Gold has retreated after hitting $1220/oz a few days ago. That was the first area of resistance for this rebound. The next resistance level would be around $1235. If Gold can surpass $1235 then look for a move up to $1260. There is very strong resistance above $1260 while $1180 should be strong support.

 

 

 

 

 

 

Silver’s recovery has been very weak as it closed Thursday near its low from a few weeks ago. If Silver can gain some traction and close above $14.85 then it should be able to approach resistance at $15.50-$15.60. That level was former support and is now strong resistance.

 

 

 

 

 

 

Turning to the stocks, we see that like Silver they have shed their gains over the past few days. If the recovery has more upside then look for GDX to reach $20 and for GDXJ to approach $30. Those targets if met, represent a retest of the recent technical breakdown. The lows from a few weeks ago are immediate support.

 

 

 

Although Silver and the gold stocks have trailed off in recent days, they remain very oversold and its difficult to imagine an immediate break of the recent lows. In that scenario the break would be temporary and lead to a stronger rebound. Otherwise, look for the miners and metals to at least consolidate or grind higher to those targets. Our plan is to let the rally run its course and when the time is right, go short again. To navigate the volatility ahead and prepare for an epic buying opportunity in 2019, consider learning more about our premium service.   

 

Posted August 31, 2018

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

MORE or "UNCATEGORIZED"


American Manganese CEO has several one on one meetings with Funds (Audio)

HoweStreet.com | Talk Digital Network https://www.howestreet.com/... READ MORE

September 22, 2018

Tom McClellan - "Gold Now Bound to the Yuan"

September 20, 2018 Old-school monetarists have long... READ MORE

September 21, 2018

The Critical Investor - "Cypress Development Announces Strong PEA Economics And Increased Resource At Clayton Valley Lithium Project"

Drilling at Clayton Valley Lithium project, Nevada Introduction &... READ MORE

September 21, 2018

Jordan Roy-Byrne - "Gold Stocks Remain in Downtrend but Uranium Stocks on the Cusp of New Bull Market"

Gold stocks failed to breakout in the spring and then brokedown t... READ MORE

September 21, 2018

Rick Mills - "Update - SQM’s quest for lithium dominance"

Chile’s Sociedad Quimica y Minera (SQM) is the second largest l... READ MORE

September 21, 2018

Copyright 2018 The Prospector News - Site design by Spyderbaby Productions