Friday, May 19 6:25 pm EST. The metals had a decent outing today, the recovery has been pretty good. Volume was way off again, though… 32% less than the 50-day average of volume for them all.
The chart for GLD shows price to have just gotten back above both its 50-day, and its 200-day moving average… And, it’s 50-day avg is right where it is about to cross back over the 200-day avg. That would typically be construed as a very positive technical development… let’s watch closely to see if it actually is in this case.
Silver has a considerable way to go, if it’s going to match that appearance for gold. Price is well below its 50-day, and even more so, below its 200-day.
Let’s be patient. When we ever catch a truly big, bull market rally in the metals and miners, we will make some very good money.