The Daily Gold, Released on 6/21/23

Historically, the 40-month moving average has been an excellent indicator of the secular trend in the stock market. Until the S&P 500 loses that support, it remains in a secular bull market, which means Gold and more so precious metals remain in a secular bear market. In recent months the S&P 500 held above the 40-month moving average multiple times while Gold failed to breakout again. The secular trend will not shift in Gold’s favor until the recession hits and the S&P 500 loses its 40-month moving average. We expect that in the next 6 to 12 months.

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.