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 March 1st to start the month, he is encouraged by the strength of the move higher. The main concern Jordan has is that he doesn’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 GDX moving higher, in tandem with the big move higher in gold, and for them both to have held onto most of their gains today.
Next we unpack 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 Gold confirms the sustained move above $1900. Jordan feels that regardless of the short-term gyrations in pricing, that we could be looking several years of strength in the precious metals sector.