Prices looked to open higher this morning, and did, but then within the day, they fell back some. I see that all, but one, is red. So, before I chart them, my hope would be that we would find that though they dropped in price, at the very least, it would be a positive if they did so on lesser volume than yesterday. Let’s go to the charts…
I’ve got one that closed higher on the day, and on average volume. That one being FSM.
The rest will be down, but what will their volume look like??? Okay, I’ll start with those that declined today on less volume than yesterday’s: CDE, AG, EXK, NGD, AUY, SA, ABX, IAG, RGLD, AU, SLW, SLV and GLD.
But, there will be those that close down on even greater volume than yesterday, like: KGC, AGI, HL, RIC, PAAS, SGDM and GDX.
The score’s 13 to 7, that says it’s pretty safe and normal correction action going on. If all were down on big volume, it would be a little disconcerting. The price action is also very stable. Nothing that would be considered near-term price support is being violated, or breaking down in any way. All looks well, and I would expect this dip would likely be bought, as the metals should recover and go higher.
Gold’s off a bit more than $10 this morning. That’s going to change the complexion of things for a bit. If that should stand, expect considerable selling, and on some volume, too. Let’s see what the day will bring. There are price support levels to begin to watch. This is pretty much in response to a dollar rising back toward where it recently fell from… the 94 level. That will be well worth watching, to see if it acts as resistance, and stops it.
Here’s to your accumulation of real wealth!
Harold F Crowell