Gold & Silver Biding Their Time

    hello everyone this is Jordan this video is being recorded on the afternoon of Friday June 14th 2024 thank you so much for tuning in in this video going to recap the week for Gold and Silver and the miners and look forward to next week hope you all had a great week for the week we had gold up about 1% uh silver up just a hair then the miners all those ETFs down slightly to summon up gold and silver still correcting still biting their time how it plays out remains to be seen but I’m sure we’ll get more hints over the days and weeks to come now let’s get into the charts so there is very little as far as new things to say again this is the gold silver ratio sectors correcting so you have gold outperforming silver during this correction maybe it rallies a little bit more up to previous trend line support which is now resistance because this was a significant breakdown in the gold silver ratio so 79 just below 80 again maybe it can climb another couple points here silver here gold here gold is more interesting to me because the question is is it going to remain above 2300 and this area here I mean I could put a line here which is just below 2300 because all along this has been looking to me that the odds favor it will fall below 20 2300 then come down to 2240 which I’ve been mentioning ad nauseum you also have this support at 2200 then the key moving averages in bull market Corrections 50-day it’s already broken so then we have to look to the 100 day here in the 150 day if this correction continues for a couple more months these moving averages are going to reach much higher levels the 100 day here we can see I mean this is probably by the end of July this could be above 2300 and then the 150 day Rising as well so that could come into play in a couple months but the the key question again is will gold continue to hold above 2,300 because if it does if we get a real test of 2300 or maybe even like a false breakdown where it closes below it for one day then you get a r rally back above then you could be building like a bullish consolidation here so don’t want to rule that out yet the longer gold holds above 2,300 the better a case we can make for that silver just some ugly selling I mean some ugly candles here but nevertheless in between these ugly candles you have strong accumulation candles these at the same time it’s interesting because if you look at the white candles Silver’s closing at the high of all these days then you look at the black candles Silver’s closing here and here also here it closed at the low of those days but anyway getting into the price action so it did did come down below 29 and this is again call it 2775 up to 2825 I’m looking at this level as support the 100 day is climbing here again nothing dramatically new to say other than the fact that maybe the odds of gold holding 2300 are up a little bit but still not enough info to call it one way or another now let’s look at the weekly chart see if we see anything different more new and honestly not really let me start with silver so just above 26 this is now really strong support the measured move as I’ve said in past videos you’re getting up to around 34 3435 so silver did not quite hit that but just carefully looking at the price action so 26 is now strong support you did have a a good test here in a strong rally now we’re coming back these candles are kind of ugly this is not that bearish it’s not a bullish Hammer but it’s not that bearish so again these are the support levels on the Le on the weekly that I’m looking at but if we go back and look at past price action we can see how this area was resistance over here so if silver even if it dips below 28 if it can correct a little bit and bounce around and I guess give us evidence that it’s holding above 28 29 we get more evidence of that than it could base before that next big move up okay now let’s get into the stocks okay so GDX here gdxj SJ at the bottom daily bar charts the moving average is the 200 day exponential moving average do yourself a favor look at the last 25 years of gold stocks and you can see that the 200 day exponential moving average is a very good support level in bull markets when the bull market is correcting and we can see all the ETFs here they came down to the first support level we can see here around 33 for GDX for gdxj that comes down to the low 41s for SJ it came right to the Low 11s bounced today to close the week I’ll stick with gdxj here because you don’t want me hear me say this three times but we can see this is the strong support level laterally 40 here’s the moving average 3842 the moving average is climbing so this I think probably by early July we should see this rise up to 40 so in here we’ll have even more support so maybe we see a little bit of a bounce it comes down a little bit lower maybe it’s going to test 40 again I know there’s a lot of maybe in here but we’re just thinking out loud of of the possibilities but generally speaking we’ve had a nice little correction here in the miners in gdxj but you can see it correct a little bit more we’ll just have to wait and see what happens over the next couple weeks if it stabilizes and continues to hold above here maybe you’ve seen the end of the correction at the same time maybe there’s one more move down to this level and especially if you get gold breaking 2300 that could happen but be ADV are the potential for a false breakdown so you could have gold breaking 20 breaking below 2,300 for a day and then that forces all these ETFs down to this support level this one here and if that proves to be a false breakdown and you get a big rally the next couple days that could be the bottom for the correction but anyway this is where we are here and now obviously a lot of stocks I’m following they’re in much better buy position now we they’ve probably seen most of their decline maybe there’s a little bit more to go but that’s where we are again nothing really exciting new to say the correction continues I think we’ve seen most of the damage but there could be a little bit more we’ll see how it plays out over the coming days and over the coming weeks big picture is still really bullish and you have to use this weakness and use corrections to buy and add to your positions cuz if not then you’re just going to be chasing things higher and we don’t want to do that all right that’s it for the video let me know what you think leave a comment like the video subscribe if you haven’t already subscribed to the channel I would really appreciate it and I hope everyone has a great weekend and uh I’ll talk to you guys again in the next video

    Gold closed up 1% this week while Silver gained slightly and miners were down. Gold & Silver remain in correction mode. Gold is outperforming Silver. The key question next week and beyond is if Gold will continue to hold $2300 or not. We discuss support levels should Gold lose $2300.

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    7 Comments

    1. Why does GDXU fall disproportionately? Is that a temporary occurrence? Do they do reverse splits? & why does AGQ rise disproportionately? Is this a temporary trend? Or, will AGQ continue to outperform GDXU significantly, even during a recession?

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