Sunday, July 16, 7:19 am EST. The metals had a good day Friday. It seems economic data shows a weakening, and the Fed spoke more ‘softly’ about its future plans. This gave gold a boost, as further interest rate hikes appeared less likely. My technical indicators of market risk were holding out hope for a turn up in prices. Will we rally now?
What does price and volume say, and are there any candlesticks that speak of further price gains? I’ll say this: The price moves weren’t particularly dramatic. The candlesticks are not giving off positive vibes, and the volume, while considerably greater than previous days, still did not even rise to its own 50-day moving average!
In short, there’s nothing to see here, yet, folks! The day was positive in itself, but I don’t see anything about it to say that we’re about to launch out of it to any greater rally just yet. But, I desire to keep a finger on the pulse, and hope to be right there, when it does lift-off, so that we may participate and make great gains.