Tuesday, July 11, 6:58 am EST. Looking in on gold and silver overseas, prices are off some more again! I’ve yet to examine the charts, or update the timer. But will do both. My guess will be that the miners are still holding up some, and the timer will start to be putting in measures of ‘extreme risk wring-out,’ which would give me reason to think a bounce, at the very least, is likely in order from about here. Let me check……
A look at all the charts say nearly the same thing… Bullish Engulfing Candlesticks on decent, not great volume. This would indicative of traders trying to anticipate the reversal, but not with any truly great commitment. If it’s not going to happen, they will bail! With metals prices not having turned up here, and being off a bit overnight, these same traders might speedily exit as early as today.
We will see what the day brings, and note it later.