Jordan Roy-Byrne: More Correction Needed in Gold & Silver but Bullish Bias

The Daily Gold, Released on 4/30/23

Gold and Silver remain in a correction but thus far the damage has been thin. Gold has initial support at $1980 followed by $1950 and $1900. Silver continues to hold above $24.50. The action over the next week or two can inform us if a bull flag is developing or if there is more downside in terms of price. The gold and silver stocks have not corrected much but remain above their 50-day moving averages. GDX and GDXJ have corrected 9% and 11% respectively and could correct a bit more. There is strong short-term support around their 50-day moving averages.

0:00 Intro
0:15 Gold & Silver
4:03 GDX, GDXJ, SILJ

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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