Saturday, August 12. I’m going to chart everything. What’s going on, where is this going to go? Prices were all over the place Friday. Some up, others down. What is with all of that?
RGLD was up on light volume, as was SGDM.
PAAS was off on average volume, as was ABX and SILJ.
SLV was off on light volume, as was SSRM (used to be SSRI) and FSM.
GDX was up on light volume, as was NUGT, HL and CDE.
GLD, however, closed up, and on better-than-average volume.
WPM was hammered on huge volume, and bounced right off of the very support line I had drawn in my chart… that is support alright! PVG had a similar experience bouncing off support, though volume wasn’t as bad as on WPM. Likewise, AG tumbled on rather big volume, too.
What to make of it? Gold was up, silver was down and prices and volume were all over the map, which means… No consensus and indecision.
Charting an average of all 16, it becomes obvious that for the two days of Thursday and Friday, the top was bumping up against overhead resistance, drawn from all the previous highs, going back to Nov. 9. the downside volume for all, was relatively light. I say this means that this market is now collectively holding its breath concerning North Korea, and would burst through on volume if blows were to come, but if some ‘diplomatic’ solution were to prevent that fuse from being lit, metals and miners would fall back, so as to begin to set-up for the real run-up that is to come… now, maybe, in the Fall?