It’s Wednesday, and it was a down day, but not near as much as I saw it from time to time. I know that though nearly all our miners were off some… they were way down considerably more intra-day, and did some recovering. As for the metals themselves. Gold was just about flat, and silver took a bit of a hit, to the tune of 3/4 of 1%. My guess is that volume was still light, but possibly heavier, where there was recovery going on, and there were buyers stepping in throughout the later part of the trading day. Let’s see what 18 charts have to say about the day.
We’ll start with those that fell, but on light volume, such as: MUX, RGLD and ABX.
I’ve got decliners that fell on average volume, such as: CDE, HL, FSM, SLW, PVG, SSRI, PAAS, SGDM, GDX and ASM.
There are big volume decliners, as with: AG, RIC and SLV.
A gainer on light volume: DRD; and one on average volume, GLD.
The average volume for all of them was actually 5% greater than the average, so I was correct about having expected to see more volume today. That prices fell, and volume was greater is not the negative that it might at first seem. As I said, there was considerable selling, and considerable price recovery later in the day, so much of the day’s volume was up volume, even if they did not close higher.
I think I see several that also declined, intra-day, to levels I’d consider price support, and so, I’m of a belief (let’s see if this gets borne out), that prices may have sufficiently corrected to have possibly found a price support, and a new place from which to potentially launch. This is just a guess and a hunch on my part at this point. As I update my timer with data from those days not yet entered in, I’ll get a clearer picture, and report that, hopefully before the end of tomorrow morning.
The picture remains bullish as of today’s close, only a few are beginning to pose a potential threat, maybe, and only if they don’t commence to find support and turn from here. If you chart each of these symbols for yourself, by some means, either at investors.com or stockcharts.com, you can see what I mean.
I’ve updated the timer, and it’s not too terribly far from giving something of a signal… not with every indicator, but enough to convince me that some level of price support is going to be found relatively soon, and then I would expect it to lift-off again into new high territory, or so the technicals indicate.
Here’s to your accumulation of real wealth!
Harold F Crowell