Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the technical levels he’s watching to confirm the breakout in gold in the short to medium-term, and the very bullish outlook in precious metals for the longer-term.
We review why this recent monthly close in February above $1900 by a mere $0.70 wasn’t necessarily the reason for the big move higher in gold on Mar. 1 to start the month. He is encouraged by the strength of the move higher.
The main concern Jordan had was that he didn't want to see the breakout gap higher get filled this week, and it would be stronger confirmation if we saw a close above $1920-$1921 to end the week.
Next we discussed how it was also very constructive to see silver break up through $25 along with VanEck Gold Miners ETF (NYSE:GDX) moving higher, in tandem with the big move higher in gold, and for them both to have held onto most of their gains on Wednesday.
Next we unpacked the super bullish nature of the longer cup and handle target with a measured upside move to $3,000 gold, and then a further percentage move up to the $3700-$4100 level, in the next 2 to 3 years after the yellow metal confirms the sustained move above $1900.
Jordan feels that regardless of the short-term gyrations in pricing, that we could be looking at several years of strength in the precious metals sector.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.
