The Daily Gold, Released on 9/4/23
Gold and Silver last week traded up to resistance at $1980 and $25.50. Both sold off the last few days. Meanwhile, the gold and silver stocks printed some ugly candles on Wednesday and Friday. The bias is to the downside this week as the short-term path of least resistance is lower. It would be very encouraging but unexpected if the metals and miners immediately rally back to resistance.
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.