So, here’s what I wanted to know… did price and volume today serve as a confirmation of last Wednesday’s pop?
My take, looking at all 16 charts, and a chart of an average of all 16 prices and volume, to my way of thinking, is… that it was not.
I don’t see price or volume action today to have been either a great enough move higher, nor on a sufficient increase in share volume, to have constituted a confirmation. Volume, in the aggregate for all 16, was only 7% higher than its own 50-day moving average. And, price, while it did advance some… neither gold nor silver moved up even 1%.
No, a good confirmation rally breakout day is going to see the metals advance by more than 1%, and the volume will swell by, probably, at least 50% greater than the average.
Right now, 8:30 pm EST, gold’s up a dollar overseas, and silver is unchanged. Let’s see what Wednesday morning will bring.