Precious Metal Video Update: Gold & Silver Correction Resumes, No Breakout This Year
We had hopes the sector could consolidate bullishly but that scenario is out the window. Gold should test $1675 and its cup and handle pattern needs more time. Silver has held up well, which is a good sign. It could test $22 and still be in a bullish consolidation. The gold stocks are showing similarities to two different years.
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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 that emphasizes market timing and stock selection for precious metals investors.