Jordan Roy-Byrne: Gold & Silver Outlook in First Week of 2023

The Daily Gold, Released on 1/2/23

Gold, Silver and miners for the most part have been consolidating bullishly since the start of December. Gold faces resistance at $1840 and $1870 while Silver has resistance at $25 and $26. If the sector pops higher past this initial resistance, then look at upside targets of $1870 for Gold and $26 for Silver. GDX has resistance at $30 and GDXJ has resistance at $37. Should the miners break resistance and pop higher, then the upside targets are $42 for GDXJ and $33 for GDX.

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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