For the moment, we are in the calm of the proverbial eye of the largest hurricane ever, and it is the calm before the inescapable storm that will be more financially destructive than the 2004 Indian Ocean tsunami…
The comments above and below are excerpts from an article by Michael Noonan (EdgetraderPlus.com) which have been enhanced – edited ([ ]) and abridged (…) – by munKNEE.com (Your Key to Making Money!) to provide you with a faster & easier read.
Gold: Weekly Chart
The trend in gold has turned up, and it is at the beginning of the next phase. Timing has been difficult because it is impossible to apply reason to fiction, that which is unreasonable. The only rational way to respond to the globalist fiction being peddled around the world is to be prepared. The best way to be prepared, in terms of gold and silver, is to own it, for one day, the price will be off the charts, as it were.
Gold: Daily Chart
What stands out in the daily chart [below] is what appears to be obscured and that is the last two separate massive sell days of thousands of gold contracts by the BIS, trying to punish those who choose to take their own path and not be a lemming to be led over the financial cliff that lies ahead. In the past, the massive manipulated sell days stood out on a chart. Now, it is more like trying to find Waldo. Truth and the price of gold will ultimately prevail.
Silver: Weekly Chart
The two up slanting lines, one for volume, the other for price, [in the chart below] demonstrate how the market advertises its intent. When the highest volume in a rally occurs at the high, it usually is a disguised show from sellers overtaking buyers, and a correction will follow. Silver is seemingly bidding its time more than gold, but it still is outperforming gold, and we expect that will continue.
Silver: Daily Chart
It will be interesting to see if the current bullish spacing will hold while silver seems to struggle out of its sideways bottoming process. Bullish spacing occurs when the last swing low is above the high of the last swing high, an indication that buyers are not waiting to see how the market will retest that last swing high. It is unusual to appear in what is considered a relatively weak market. So far, there has been no sign that the current near-term decline has ended.