The Daily Gold, Released on 9/23/22

It was an eventful week. Gold’s technical breakdown was confirmed on Friday and this could be the start of capitulation selling that could take Gold below $1600. Silver was unable to reach $21-$22 and so we cannot rule out a future test of $15. At the same time, the S&P 500 is threatening to break below its 40-month moving average. This would be a strong indication of a new secular bear market. That is so important because that leads to a new secular bull market in Gold and precious metals.

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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