Last week was pretty miserable… Now, it’s Monday, the 19th. Gold has traded higher overseas during the night, while silver is flat. I haven’t reviewed Friday’s market action, so we’ll go to the charts now to do that.
On Friday, gold, as GLD, rose some on average volume. If anything is to start from here, then Thursday’s low will mark the new bottom and support level… for now. A look at silver, as SLV, is similar… we’ll note Thursday’s low as the “new” bottom and support, unless it proves not to be. Silver also rose a bit on Friday, but on relatively light volume.
Next, we’ll look for those that fell on heavy volume. Like: PAAS, HL, RGLD, FSM, PVG, SSRI and AG.
But, we can also note gainers, and on heavy volume, as: ABX, GDX, CDE, SLW.
Others rose on average volume: SGDM and SILJ.
The average trading volume the past 3 days for all issues has been quite high, 72% higher the 14th, 104% higher Thursday, the 15th, and now, 45% higher on Friday. It is only a guess, and a hope, but I’m thinking that Thursday might serve as a real bottom, due to that high volume, in the midst of 3 days of it. It remains to be seen, of course, but that is what we will be watching for now. I have asked, or wondered, whether Friday might serve as some kind of a turning point, if only a bounce; and today, Monday, gives some credence to that scenario, at this point. So, let’s continue to watch, and to wait, as great trading profits can come to those of us who follow this market sector daily.
Here’s to your accumulation of real wealth!
Harold F Crowell