It’s nearing 9:00 am Wednesday morning, and our markets are about to open. Gold is up from the overseas markets trading.
The chart patterns for silver and gold show more of a consolidation appearance, while the majority of the miners show more of a correction-type of pattern. This would likely be due to the fact that the metals advanced far further than did the metals during this last ‘rally’ of sorts since 12/23. It peaked on 2/8 and has been digesting this gain since.
What we want to look for now is a wringing of risk out of the market, within the technical indicators, if they will be helpful, and for a new reversal back to the upside, that will result in a breaking out of the price over that of the 2/8 high.
IF we should watch such a thing happen, here in the near future, perhaps we can witness a truly tradable rally that will excite traders into jumping on board with large positions. That’s the ideal anyway…………..