Friday, 4/28 9:22 am EST. Really… there is NOTHING to report. Metals prices are so flat as to be saying nothing as of this moment in time.
A look into the charts from yesterday’s close is in order, to see if that near-term support was broken, as I had thought it would be… or not. More later… very soon!
The chart for gold itself, as the ETF, GLD, looks great! All kinds of previous resistance back from 2/8 thru 2/22 became support on 3/22, and has been support thru 4/10, when the last lift-off ensued.
Now, the very nearest-term resistance was established on 2/24 thru 2/28, and was resistance again on 3/27 thru 4/10; being broken thru on 4/11. Price has now dropped back from its most recent near-term high on 4/17+18, to the very previous resistance levels just mentioned above. It fell to that level on Tuesday, 4/25, and has held both Wednesday and Thursday! This indicates that nearest-term resistance is presently acting as support now!!!
If this should continue to hold up for any appreciable time longer… as I wrote, maybe only the last post, it should attract some attention, and we could see a new launch from here. But, I will caution you and myself, I need to update the timer, and I need to see where it says real support looks to be within the program… and to see if it better coincides with earlier price support or not… and, especially if it should be above the December lows… and, even better, should it appear to coincide with the March lows.
More later… stay tuned!
Further confirmation of the above… charting all 16 symbols as an average, the picture is similar. That is; the December and March lows are serious levels of support, but that nearest-term support is in the vicinity of the top of the 3/15 pop top. That very level was tested for 3 straight days after the 15th, those being 3/16, 17 and 20. That price support level is the very one being tested again here on Tuesday, Wednesday and Thursday of this week. I KNOW that traders are eying this price chart formation in gold, and in miners, as I have just reported to you. I know that they are watching to see if this should hold or break. I know that they likely expect it to break, rather than hold. I know that real traders are going to play the next move as they see price either break support, or breakout to the upside on volume.
We’re gonna watch and wait… I’m going to update the timer to try to plot where support would likely be, in the event this immediate support should fail, as I believe real opportunity will reveal itself to us at that time. Still more later, but in a new post.