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Bearish Action in Gold, Silver but Miners to Rally Next Week

06/26/2023

Less than a minute

2023.06.26 05:39

Jordan Roy-Byrne, CMT

It was an ugly week in and as Gold lost $1950 support and Silver plunged from $24 down to its 200-day moving average at $22. There is technical damage in the daily and weekly charts. Gold has support at $1900 but stronger support at $1850-$1865.

Nevertheless, the gold and silver stocks fared better in relative terms and their failed double bottom on the daily charts could be a false move. Miners have potential to rally for a week or two.