The Daily Gold, Released on 12/26/22
Gold, Silver and the gold stocks continue to trade around resistance levels. They have consolidated around resistance for more than a few weeks. Gold has struggled when testing resistance at $1840. If it were able to make one push higher then look for resistance at $1870. Silver has yet to test $25 and has very stiff resistance at $26. But it has outperformed Gold and its outperformance has yet to let up. The daily bar charts of GDX, GDXJ and SILJ show potential bullish consolidations. If the S&P 500 rallies to start 2023, the miners could push higher.
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.