The Daily Gold, Released on 11/22/22 (Recorded on 11/21/22)
In this video we assess the monthly candle charts for Gold and Silver as well as the stocks (GDX, GDXJ, SILJ). Monthly charts carry far more significance than daily and weekly charts as they pertain to longer-term time frames. The monthly candle charts suggest the bottom is in for precious metals. The sector was trying to bottom in the summer and established support, as seen on the monthly charts. The October and November candles show gains, which further solidifies the bottom. The monthly candle charts do not yet inform us if this will be a bottom and rebound like 2018 (sort of a basing process) or something different.
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.