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Jordan Roy-Byrne, CMT, MFTA |
TheDailyGold: Gold Breakout Not Confirmed Yet...
Published: Tue, 06/30/20
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If you are reading this on Tuesday, then note that a close above $1774 in Gold marks the end of the quarter and that would be the highest quarterly close ever.
But Gold still has big resistance at $1800. And Silver has at $18.50. GDXJ is testing 7-year resistance. Until these levels give way, there is no sector breakout, officially.
Moving along, take a look at these two charts... First, this is flows into GLD versus flows into SPY. This is an excellent sentiment indicator. Its starting to breakout from a 7-year base. Plenty of room for this trend to continue! The bull market is just getting going!  Here is a mystery chart.... In TDG #680, I noted this could be the most important chart to follow now. When this breaks that red line, precious metals could accelerate.  Moving onto TheDailyGold Premium...
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