Wednesday, July 5, 4:51 pm EST. Well, gold did not jump. Support has held, and prices stabilized. The miners were mixed; most up, but some down. Silver did break down, however, and it remains to be seen how significant that will be. It’s now nearly back to its December lows!
With much, apart from silver, I see bullish engulfing candle sticks, which would typically signal a reversal. I’ll update the timer, but I don’t really expect much more from it, than it has already signaled… it says risk should now be low. And, volume’s been the best it’s been in some time. It was actually equal to its 50-day average of volume; a level its not hit in some time… not, since the big volume selling of 6/14, 15 and 16.
And, updating the timer, all of the 7 different means of indicating that risk has been wrung out, and that the metals could reverse at any time from this level, have now signaled. If one wanted to, they could hazard a trade at this point, but keep it on a very short leash. Otherwise, I’m going to wait for an actual lift-off, and hope to see it take place on volume. Stocks could be on the verge of a new rally, as well, as the timer is very close to giving them an all-clear, too!