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Gold: More Short-Term Pain Before Long-Term Gains

05/25/2023

Less than a minute

2023.05.25 03:51

Jordan Roy-Byrne, CMT

Jordan Roy-Byrne, Founder and Editor of The Daily Gold, reviews some of the technical support levels he is watching for in , , and precious metal mining stocks, as the sector continues to correct. Now that the $1980 support gave way in gold, he is looking to the 150-day moving average, as well as the 20-month and 40-month moving averages as key support levels in gold.

As mentioned last week, the picture in silver and in the GDX (NYSE:) are a bit more concerning, but he notes that the 200-day moving average in both is now sloping upwards and thus could offer a good support level to watch on both charts.