Saturday, 4/23 2:34 pm EST. Time to recap the entire week. Let’s check all charts, and an average for all 16 symbols.
It’s looks as if gold recently launched on Wed. 3/15. That lift stopped 4/13, 17+18, after a 1 month run. Silver peaked the 13th, and has been in decline every day since.
A look at the other 14 symbols for miners, and a few miner ETF funds and royalty firms shows this: It’s been a nice price run, but it’s time to correct/consolidate/digest the recent gains. Traders get out here, and nail down some profit. Measures of risk are high, and need to unwind, so as to indicate risk is being or has been wrung out. I’ll update my timer to look for that.
The actual technical picture for nearly every symbol, and for the average of all is one of a bullish uptrend, which commenced out of the December 15 thru 23 lows. They ran up to 2/8… declined into a 3/8-15 bottom, higher than the December lows, and lifted off again. We’ve peaked 4/13, and backed off a bit, but not in violation of any level of technical price support. I can see 3 levels of price support under the current price level… as I measure risk, I’ll watch for indicator signals to potentially set-up around one of those levels of price support.
If I see that, as something like that will happen at some point in the future, I’ll give a holler!