Gold & Silver Stocks are Outperforming Metals

Gold & Silver Stocks are Outperforming Metals

hello everyone this is Jordan this video
is being recorded on the afternoon of
Friday April 26
2024 thank you so much for tuning in
hope you all had a great week in this
video we are going to recap the action
in gold and silver and the miners so
let’s get right to it okay so starting
off here these are the daily candle
charts gold at the top silver in the
middle or at least below gold and then
at the bottom here we have gold divided
by silver so the gold silver ratio I
don’t know if I mentioned it last week
but you know I’m not a huge fan of trend
lines the problem is when a lot of
people are drawing trend lines they kind
of force them onto the charts where they
just kind of connect random points
without carefully looking at the price
action in this case with this trend line
you can see one two three four five so
when you have this situation this is a
good time to draw a trend line like this
is not a forced trend line so this is
again gold divided by silver
and so in recent weeks we’re seeing a
correction in the sector just a small
correction and naturally during a
correction silver will underperform gold
so gold divided by silver here a little
bit of a bounce off this support of
course later on if we get past this
correction and the metals are moving
higher again then you have the chance
where you could see
this ratio go like this and break
down and if and when you see that break
down below this trend line then silver
outperforming gold would really begin
and accelerate but not quite there yet
so getting back to just the price action
for gold and silver you know looking at
Gold I mentioned this before really
strong support here around 2200 there’s
a gap here at 2240 you know
unfortunately I wish this you know we
had more action here in this thumbnail
you can see
2290 the 50-day moving average okay so
that’s at 2215 let’s round it up 2215
and change to 2216 this is rising
sharply so 2240 that has been a level
I’ve been focused on there’s an open Gap
I believe down to 2240 and then you have
the 50-day moving average sloping higher
it’s moving higher aggressively so
this is going to continue to move higher
aggressively and the 50-day moving
average is important because when you’re
looking at all the cyclical bull markets
in gold all the major breakouts when
gold is running and it’s hot the
corrections come back to the 50-day
moving average and that’s it so and in
the last couple weeks I mean gold look
how far above the 50-day gold was so
this Market was really hot needed a rest
and still I mean again
2216
2347 right that’s still a lot of room
for gold to decline just to test the
50-day of course in in the coming days
the 50-day will continue to scream
higher this you know the next week or so
should get to 2250 so I still think
there’s a chance where we could see gold
you know come down like this possibly
and and test you know it should find
strong support in this area so that’s
one scenario and again if that is going
to happen you’re likely to see silver
come back to at least 2625 you know not
the greatest candle for silver today you
know you could interpret these you could
kind of interpret this as like a bare
flag for gold and a bare flag for silver
but at the same time you know a bull
could say well look look at these ticks
here I mean gold has tried to come down
and close you know it’s probed these
levels and the low 2300s it’s hasn’t
been able to close down there so we’re
picking apart the the short-term price
action but that to me really isn’t the
story right now it’s really the miners
so let’s look at the miners so the
reason why the miners are the real story
right now is you’re in a correction for
the sector but the miners are
outperforming gold so remember we
mentioned Gold’s outperforming silver
typical in a correction you would expect
the miners to be underperforming during
a correction as they usually
do but that’s not the case you know
sometimes when you’re early in a new
cyclical bull market you know markets
made a breakout has a lot of momentum
gold maybe corrects again sometimes you
see the miners
start to outperform and I remember this
happened in the middle of 2009 when gold
of course you know you had the October
the late October bottom in Precious
Metals gold came down to about 700 bucks
an ounce then in four months well it
might have been three and a half months
you gold ran up to a th very quickly
then it Consolidated for four or five
months before breaking out September
October during that consolidation in the
spring and the summer the miners
actually moved higher and they made a
high high or high so that is not
uncommon when you’re early in a new bull
market and so we could be seeing that
repeat because look at GDX gdxj and
silge these are all basically back to
where they peaked I mean if you’re using
we’re we’re looking at in in bar you
know daily bar charts here so we aren’t
seeing closing prices but if you look at
closing prices I know that this is a
this is a closing High here you know
this may be as well and this may be as
well
so what you’re seeing in the miners is a
lot of relative strength and I’ll just
go back here for a sec you can see I
mean we’re not look at gold and silver
there’s still quite a ways off these
peaks in a very short-term sense so
again gold and silver quite a ways off
the Peaks but the miners have been able
to Rally right back to those resistance
levels so the miners are
outperforming the miners are leading so
this is a good omen for the short term
and maybe this tells us that may maybe
gold and silver are not going to correct
that much more we’ll see maybe they
maybe they consolidate at a higher level
for another two or three weeks that’s
another possibility but looking at the
miners I just love the way these charts
are setting up I mean this I don’t want
to say this is another cup in handle but
we can see here this is starting to look
like a cup look and it’s not the most
perfect cup but this is kind of when you
have these rounded formations these tend
to be bullish and so just looking at the
price action I mean let’s let’s focus on
gdxj let’s focus on this it really looks
the same in all these charts I mean you
had this resistance here and then three
or four weeks ago you know you had the
breakout here Rose to the next
resistance level and now you know you T
you came back retested support a couple
times now you’re moving higher I mean
it’s look it’s the same in all in all
these charts you know the breakout from
this resistance up to you know this
resistance level and then a retest of
resistance so how however this plays out
you know whether it takes another two 3
four weeks or two three 4 days I mean I
I expect the miners will break above
these red lines fairly soon and so I
mean is does this give us I mean what is
this 31 43 55 so you know you look you
look at a measured upside Target you
know that could take GDX J to here I
mean it could be even bigger for GDX you
have 38 here you know 25 a half so what
is that so even you know you could even
get a measured upside Target which is
above the 2020 high so you know I’m I’m
droning on here but I just I really like
the way the minor charts are looking
these are bullish you know weather it
takes another couple weeks for them to
break the red line or you they
consolidate for another month or six
days or whatever these are setting up
bullish and uh you know we’re we’re
seeing it on Twitter now and other
places where people are talking about
you know miners are terrible don’t buy
miners yeah guys that you know that’s
really great advice after several years
into a bull market for gold and precious
medals right that that’s when miners are
really the most dangerous not when
you’re coming out of a secular bare
market so I just love to see that
sentiment you know people have been
scarred and beaten down they hate the
miners they’re going higher they’re
going a lot higher that’s what the
charts and everything is telling me so
uh you know maybe I’ll get into I’ll
continue that diet tribe later but
that’s all for this video thank you so
much for tuning in leave a comment below
let me know what you think and I hope
you guys have a great weekend we’ll talk
to you again next week got a couple of
new interviews coming for you next week
excited about that uh wrapping up the
end of the month with h Vince
Lancy so excited for that next week
again hope you have a great weekend
thank you so much for tuning in talk to
you guys again next week

Metals and Miners are correcting a bit but miners are starting to outperform the metals. This is a bullish sign that there is not much more correction ahead in terms of price.

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