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Jordan Roy-Byrne, CMT, MFTA |
TheDailyGold: The Key Levels in Gold into November...
Published: Fri, 10/27/23
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Gold has rallied back to $2000 and held close in recent days.
What are the key levels and dates over the coming weeks? Where is the key resistance and support? Click below to find out. Key Gold Levels into November Last week I interviewed one of my favorites Vince Lanci. This was a great discussion and you can see the topics (visually) and timestamps on the screenshot or featured image. We talked technicals and the current fundamental drivers. Why Gold's Triple Top Won't Hold & Fundamental Drivers
In TheDailyGold Premium.... If the outlook for Gold is much improved and Gold is close to breaking its all-time high at $2070, then why are the stocks and Silver still struggling?
The stocks and juniors need +$2100 Gold. Margins are down significantly in recent years and Gold rebounding from $1830 to $2000 does not move the needle. Even $2100 does not move the needle that much. Think about this scenario. Three years ago the Gold price was $2000 and the cost to produce was, say $1000/oz. Now, that could be $1400-$1450/oz. Margins for producers will not recover materially until Gold surpasses $2100/oz. And the juniors need $2300 to begin to attract more interest and buying. As for Silver, it faces significant resistance at $25-$26 and $28. Historically, Gold breaks first and then Silver breaks next. But it can require anywhere from a quarter to six to nine months for that break in Silver to occur. ---------------------------------------------------------------------------------
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