Jordan Roy-Byrne: Gold Major Resistance at $1950 & Silver to Test $25-$26?

The Daily Gold, Released on 1/15/23

Gold closed last week at $1922, eclipsing weekly resistance at $1900 and putting itself in position to test major resistance at $1950, if there is any follow through. Meanwhile, Silver, which closed Friday strong, has not moved in a month. The price action looks like a bullish consolidation but how bullish is that if it occurs when Gold gains $100? If Gold tests $1950 will that extra juice be enough to push Silver to $25-$26? Meanwhile, GDX, GDXJ and SILJ have a bit more upside to their targets.

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.

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