Thursday, and it looks as if there were tiny metals moves… silver to the upside, and gold to the down. A quick look into my trading account, and I see more green than red! That’s a very positive sign once again. Before I chart them, my guess will be that the metals price is still being perceived as holding, and by the majority of my miners price moves, being to the upside a bit, I would completely expect volume to be quite light.
Those that fit this description, up a bit on low volume include: SSRI, AG, CDE, RIC, PVG, PAAS, AUY, ABX, KGC, RGLD, SLW, GDX, SGDM, SA, EXK and SLV.
And, down a bit on very low volume: AKG, HL, IAG and GLD.
This was down on average volume: FSM.
The analysis would remain the same… price support is holding. The metals’ prices have barely moved, but we keep finding more of our miners having gained a bit in price, than declined… and the volume is barely more than half the 5-day average. For now, the Bullish case continues to remain intact, and those willing to put tight stops in place, could be buyers now. Others might want to wait for a big price move up on expanding volume, and still others might just want to hold out for the next price and volume breakout… which is what is actually the next expected move, based upon the current chart patterns. More Friday morning…
6:05 am EST and the metals are hanging in at present levels… just a bit higher. Support is still holding. Since stocks appear to be waiting for their cue from an 8:30 jobs report, it’s possible gold is doing the same. Maybe more word after that is released.
That 8:30 report must have been a deusey! The metals took off! Let’s see how the day goes and closes for the weekend. Enjoy!!!
Here’s to your accumulation of real wealth!
Harold F Crowell