Investing.com investing.com 03 Jan, 2021 07:45 am

Could Gold And Silver Go Vertical In 2021?

Could Gold And Silver Go Vertical In 2021?
Commodities Analysis by Jordan Roy-Byrne, CMT covering: XAU/USD, XAG/USD, S&P 500, SPDR S&P 500. Read Jordan Roy-Byrne, CMT's latest article on Investing.com

In the chart below, we plot the VanEck Vectors Gold Miners ETF (NYSE: GDX ), VanEck Vectors Junior Gold Miners ETF (NYSE: GDXJ ), Global X Gold Explorers ETF (NYSE: GOEX ), and Global X Silver Miners ETF (NYSE: SIL ), along with the S&P 500 .Silver’s daily chart shows if Silver can close above the August 2020 high, then it has the potential for a measured upside move to $36.GOEX (explorers ETF) and GDXJ are closer to their August 2020 peaks than GDX (large miners), and so is SIL.The miners have to continue to emerge from their corrective lows and build momentum before they can retest their August 2020 highs.

Even if that happens, there’s no guarantee that they would break the August 2020 highs on the first try.Also, they will not begin a vertical move until they perform better in real terms.

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