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You will read more and more articles touting how gold and silver have bottomed. 
They have not, at least according to price behavior as determined by actual buyers and sellers in the market.
So writes Michael Noonan (edgetraderplus.com) in edited excerpts from his original article* entitled Gold And Silver – When[?] Precious Metals Bottom Is Irrelevant To Your Financial Health.
[The following article is presented by Lorimer Wilson, editor of www.munKNEE.com and the FREE Market Intelligence Report newsletter (sample here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
Noonan goes on to say in further edited (and paraphrased in some instances) excerpts:
There is no evidence of a change in trend. That means gold can still go lower, possibly
move sideways, and have occasional rallies, a natural feature of all bear markets. Know
that it takes time to turn a trend around…At current low prices, opportunity is so ripe.
One has to suspend reliance on the natural order of supply and demand in the PMs, for now, until the unnatural forces of faux supply, pretend non-existent interest of demand by central bankers plays itself out.
Gold – Daily Chart
Rallies are a normal feature of any bear market, and it is possible gold may break through the immediate resistance area of 1,300, as we show on the daily chart below.
If you look at late June, when price declined under 1,300, there was a brief two-day rally that failed. Compare those two trading days then with the last seven now. Price is not reacting away from that resistance. We often state that the how of a price reaction, or lack of one, is the market’s way of telling us what is likely to happen. It appears that buyers are absorbing sellers defending 1,300, and it may give way, next week.
The two strongest volume days in July did not result in any downside follow through, and that, in itself, is a message. You will read more and more articles touting how gold and silver have bottomed. They have not, at least according to price behavior as determined by actual buyers and sellers in the market.
Gold – Weekly Chart
Silver – Weekly Chart
We can say with certainty that there has been greater buying than selling at the lows in
both metals, and that shows clearly in the silver weekly chart below. We do not know how much
is simply short-covering…and how much may be actual new longs being accumulated by smart money.
Silver – Daily Chart
The daily silver is similar to, but not as strong as, gold. Still, evidence is growing to expect some sort of rally but, until we see the how and the extent of any rally, there can be no change in the assessment that the trend remains down.
Conclusion
We have been urging our readers each and every week to buy physical gold and physical silver [and that] price is not the issue but having it is! Perhaps now you better understand why. In addition to buying either or both, we also continue to advocate holding it personally. If you do not hold it, you do not own it. Your financial health depends on it!
[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-when-precious-metals-bottom-is-irrelevant-to-your-financial-health
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I agree that the charts are painted by elephants who drop millions of ounces into the market during overnight low volume that trigger algos and everyone else to sell. In addition the CB’s have been leasing gold into the market for years. GATA has all the evidence.
I believe the practice of selling naked shorts (buying Gold with freshly printed paper money) is what is responsible for the current low prices of Gold. Too soon investors will wise up, probably due in part because other Countries Central Banks are now using their own paper USD to purchase Gold (and other PM’s), which will then lead to the value of the USD reversing its current upward trend!