Gold Hits Resistance, Silver Lags But Miners Breakout

By Jordan Roy-Byrne of The Daily Gold

Saturday, January 7, 2023 2:40 PM EST

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This past week, gold was able to surpass resistance at $1840 and close at resistance at around $1870. The next upside target is $1900. Silver, which has led this rebound, is clearly lagging. It failed to make a higher high and underperformed gold.

The Gold/Silver ratio has turned in favor of gold, for now. The gold stocks (GDX, GDXJ, as well as SILJ) broke out of their bullish consolidations, and they look to still have a bit more upside to their targets. This rebound is getting long in the tooth, but there could be some more buying next week.