The Daily Gold, Released on 3/20/23
Gold closed last week at $1974. The key resistance level for Gold on a daily and weekly basis is $1950 to $1985. There is also monthly and quarterly resistance at $1953. A weekly close above $1985 would mark the second highest weekly close ever. If Gold could make that weekly close then it would retest the all-time high within days. Silver closed last week up 10% but Silver faces significant overhead resistance at $25 and then $26-$28. Silver and the miners could underperform Gold as long as it remains below $1985 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.