Thursday, 5/4 8:12 pm EST. What? Again? Metals down. Miners squashed. Is it over? Are we there yet? I’m going to look at the charts, update the timer, and hazard an opinion. That, and about 2 bucks, will get a good cup of coffee.
I contend we’re getting close, but first, let’s note those down on big volume. We start with GLD, itself! And, SLV! For, get this now, 14 straight trading days in a row! Wow!!! Silver’s taken out its March low support level, and is now getting down to where it might even challenge its December lows! Add SSRI, PVG and AG to the high volume sellers.
Those that fell on average volume: RGLD, CDE, SGDM, GDX, HL, SLW, ABX, PAAS, SILJ and FSM.
And one on light volume: NUGT.
Average volume for all 16 was off 2.6%, or average. So, we still didn’t get a puke ’em up, throw ’em all away, sell at any price crash, sell-off. So, let’s go for the technicals in the timer. Back in a bit.
8:38 pm. How to read the Xpert. Price has reached the first of the 2 lower trading bands. I had said before that I thought we needed to get to 116. We’re now in that vicinity. F1 is now at 8. F2 is at -6. F3 is at 32. F4 at -4. F5 is at 56. And, F6 is at 13. Price has nominally signaled with its bands. F1, 2 & 4 have signaled. F3, 5 and 6 have not. One more day could easily do it. Will Friday be that day? We’ll see!
Nah, I take that back… F3 and F5 would likely need 2 days. In any case, it would seem to be close.