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…Earlier this year we said that 2014 could well be a repeat of 2013 in terms of unrealized
expectations for much higher gold & silver price levels and over the ensuing months have continued to advise everyone to stay out of the long side of the paper futures market for as long as the trend continued down. That came from an obvious read of the charts. This article looks at what the gold and silver charts are saying today.
The above introductory comments are edited excerpts from an article* by Michael Noonan (edgetraderplus.com) entitled Gold And Silver – Charts Show Power Of Elite’s Central Bankers.
Noonan goes on to say in further edited excerpts:
Silver: Weekly Chart
…15.04 was last week’s low, forming a potential double bottom but, as seen in the chart below, there is no indication that any kind of bottom is the process of being formed. The recent break of support has squelched those efforts, for now.
It is not important that 15.04 hold as an absolute low. What is more important is how market activity develops for whatever the eventual low price becomes, whether it is last week’s price, 14.65, or any
other number, 14.50, 14.32, etc. (Maybe even lower?)
There will be evidence, through price and volume, that a bottom is in place. It may take several weeks to confirm so it will not pay to try to be “first in.” Let the market prove its intent, and then one can be in a more informed and comfortable position to make better decisions from the long side, should one want to trade paper futures (if there is even a viable futures market in which to trade, and there may not be).
Continue to monitor the way in which price responds or reacts to these lower levels. If there is no strong rally higher, on increased volume and upper range closes, then it will indicate that the bottoming process will take much more time. Be patient and allow your thinking to let the market develop as it will, for the controlling forces remain in place.
Silver – Daily Chart
The daily chart below shows another layer of bearish spacing as silver continues to weaken relative to gold. At some point, either once a low has been established or once a trend higher begins, silver is likely to outperform gold over the next several years.
When silver was in the low 20 area, we said prices were likely at generational lows. While now lower, the sentiment remains equally true. This artificial manipulation may go on beyond what most expect or want, but it will come to an end, and then even $50 silver will look like a great buy. Keep a level head in the face of recognized artificial adversity.
Gold: Weekly Chart
A comparison of the difference in how gold is developing around its barely broken support with
that of silver, as seen in the chart below, provides an idea of what to look for when one market more successfully holds an area versus one that fails to hold in similar circumstances. All that can be said of gold, while stronger than silver, is that the trend remains down, and that is the most important
piece of information to know, for now.
Gold: Daily Chart
The chart below shows more of the same, observing how price responds to this critical support area. If there is more deterioration to come, how strongly does it impact price to the down side?
Conclusion
There are so many ways in which market activity can develop that it does not pay to try and outguess how price reacts. Let it react, and then you are in a better position to react to what is known without having to guess. Keep it simple.
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
*http://edgetraderplus.com/market-commentaries/gold-and-silver-charts-show-power-of-elites-central-bankers
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