Jordan Roy-Byrne: Gold to Pause at $2000 Resistance

The Daily Gold, Released on 10/22/23

Gold has rocketed higher in recent weeks and hit $2000 on Friday before backing off a bit. Gold is overbought which is bullish but in the short-term it likely pauses or corrects. Look for support at $1940 and $1920. Silver closed last week at $23.50. It faces resistance at $24.50 and $25.50. Gold breaking resistance at $2100 will be a major catalyst for Silver, the miners and juniors. They will not outperform until Gold breaks $2100. Gold is driving the bus for the sector.

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4:23 GDX, GDXJ

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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