Saturday, June 10, 8:39 pm EST. Time to examine the 16 charts. What’s the situation? I think I’m looking at what is to be regarded generally as a sideways price consolidation action between closing nearby support underneath, and resistance just overhead.
It’s plain that’s what’s happening with CDE, HL, SGDM, PAAS, FSM, even GLD, SILJ, GDX, AG, SLV, WPM, NUGT, SSRI, PVG and ABX. That’s all, but RGLD. It has put on a more bullish appearance of late.
Looking at one chart that is an average of them all, the sideways consolidation between support and resistance is a clear as it can be. These things breakout, one way or another, and if I had to hazard a guess which way at this point, I’d say that I think the measures of this market’s risk are likely high (I will update the timer very soon), and therefore, I would actually expect the initial breakout would be to the downside, so as to disappoint a great many more traders and investors to quit and throw in the towel, selling off their shares in these miners… before they should launch again.
That’s the scenario that I would wish for, as I want to be in that place where I can anticipate the upturn, as I have been able a few times already. Back when I’ve updated the timer…
9:08 pm. Having updated the timer, my guess was correct. Market measures of gold risk in the program are reading high, and it would be more natural to expect that maybe some pain might be inflicted first, before we get to see another goodly rally to kick-off. Though we have very good support levels in place from December, March and May. One or more of these price support levels may yet need to be tested, before what we want to see might ever happen.