Study a chart of SLV, the ETF for silver, and note that this current rise really needs to clear the high of early July, at $19.45, or it is in danger of creating a head & shoulders top. See that? It closed at $19.05 today, and would need to run at least 2 more % to breakthrough the left shoulder.

Gold is in need of making a similar kind of move, where it eclipses its mid-August high, and then its early-August high. Looking at IAU, an ETF for the metal, it’s mid-August high is $13.05, just 4 cents away, and its August 2 high is $13.18, about another % higher than that. Then, we can begin to think about the July 2 top, at $13.25. All of these will prove to be points of price resistance, on its way up.

It’s a bull market, and as each of these should be breached, new money will come in to push on it even harder and higher.

Any pullbacks should be viewed as further opportunity to be a buyer. I, for one, would like to see some selling come it, to push prices back, as I would like to add some more.

If, on the other hand, if we don’t see anything like that, I’m willing to do, as I did on Friday, April 8, and be a buyer upon a high volume induced breakout!

Whatever happens, and whatever I do, will be reported right here.

___________________

Just letting you know, metals prices are backing up some this morning, as of 8:00 am EST. This could well set us up for another opportunity to be a buyer! Let’s see…

Here’s to your accumulation of real wealth!
Harold F Crowell

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5 thoughts on “Important Inflection Points!

  1. From my predictive software, PAAS is now in an upward trend with higher highs and higher lows predicted. Of course, SLV is also in an upward trend with higher highs and higher lows predicted, but only $19.29 as the high. We’ll see.

    IAU starting today is also in an upward trend but tomorrow’s high is only expected to be $12.80; not as high as you would like. But Barrick is still in a downward trend, though another day up makes it an upward trend. Newmont, GG and gold ETF’s are now in an upward trend. That should be good for the next day or so, but I expect some selling from the $20 gain in gold today, so who knows until it happens.

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  2. My own take, without picking any price points, would be that since we’ve gone straight up, since Thursday morning, and at a steep and fast rate, it has to stop, maybe back-up some, and take a rest very soon. Thanks, Harold

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  3. Yes, I agree, Harold. ABX is predicted within a range of $18.67 and $19.38 and it is 18.64 as I type, though it has been higher and is now dropping. So they are close, but the estimates were for higher highs and higher lows. I am still learning this software, so errors could simply be me.

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  4. SLW was predicted to be $29.41 to $28.44. Earlier in the day I was really concerned about my new software. However, 5 minutes before the close, SLW has been 28.30 to 29.32. Hmmm, not too bad.

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