Wednesday, 8:05 am EST. The metals lost some more overnight… support could easily be broken today, which could cause something of a rout. We’d like to see the March lows hold, and for most, they probably could, but for silver, itself, looking at SLV, it’s not likely.

I will update the OEXpert 7 timer with GLD data for the past 8 days, and see where it is saying things stand, according to its technical measures of market risk. Back soon.

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Update 8:34 am EST. I’ve entered all back data into the timer for the symbol GLD. Based on the program, we’re not there yet. F1 is at 13, and has marginally signaled. F2 is at -2, typically signals first, and needs to get to -4. So, it’s getting close. F3 is reading 52, and has a ways to go yet. F4 has gotten to the 0 line. I need a -4, or so, for it to signal. It’s getting somewhat close. F5, at 68, needs to fall to at least 40. A few more days would be necessary to get there. And, finally F6 has gotten down to 30, and still could use a few more days, as well, to signal. Ideally, in the chart in the program, and the trading bands associated with the F1 key, it appears clear that if the price of GLD were to fall back to fill the gap from the top of 3/15 and the bottom of 3/16… there is clear support there. It had been previous resistance. And, the program would almost certainly render an all-clear signal. F1 would hit 0. F2 would get below -4. F3 would likely get to 10, or lower. F4 would have gotten to -4. F5 would also have gotten to 40, or lower. And, F6 would probably even get to 0. Today’s Fed speak might temporarily break the metal’s back, and sink it to that area of support quickly. It all remains to be seen. So, we’ll continue to watch and wait. The previous post says traders have been bailing, big time! This can only set us up for our next rally run! FWIW, I say GLD needs to get down to the $116 area, based on my analysis in the Xpert.

Here’s to your accumulation of real wealth!
Harold F Crowell

 

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