Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the longer term monthly and quarterly charts for gold and silver and where the technical support and resistance levels come in.
He discusses the importance of $1900 on the longer duration charts as the key resistance to clear on a closing basis. For silver, he outlines the $26.60 and $37 levels as the two key longer term resistance levels on the quarterly charts that would need to be eclipsed for a solid run to $50 and above.
With regards to the longer term trend in gold, Jordan also highlights that the key 40 month moving average is steadily trending higher each month and that he sees it being key support if there is a further corrective move in the months leading up to the Fed rate hiking cycle in the spring.
We also discuss, once again, why the larger cup & handle pattern playing out over the last decade is the primary super-bullish pattern investors should be focused on for the larger trend.
We wrap up discussing that gold will need to truly break out to get silver moving in a more bullish way, and shares what correlating levels will need to be reached in gold for silver to have the energy to pierce through overhead resistance levels.