Jordan Roy-Byrne, Founder of The Daily Gold, joins us to share his technical outlook on the gold mining ETFs (GDX) and (GDXJ), along with silver, gold, and the trends in the precious metals sector. Jordan shares key support and resistance areas for investors to watch, and why he feels that breadth indicators are much more critical to follow, than where pricing is in relation to key moving averages.
Additionally, he makes the point that in today’s environment, after the advent of gold and silver ETFs and so many other trading vehicles in the PMs, that the individual mining stocks are no longer leading indicators, and neither is silver. Gold is the leading indicator for the whole PM sector. With regards to silver, Jordan does outline that once the stiff resistance at $26 is broken through, with other resistance at $28, that it could set up a measured move up to $33-$34 after that.
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