Tuesday , 27 February 2024

Noonan on Gold & Silver: Charts Say Caution Is Warranted (+2K Views)

…This is not a sound for alarm, for the trend for gold & silver remains up, BUT there could be somefine silver fine gold more corrective activity in the next few weeks. [Here’s what the charts have to say about the current situation.]

The comments above and below are excerpts from an article by Michael Noonan (EdgeTraderPlus.com) which has been edited ([ ]) and abridged (…) to provide a faster and easier read.

 Gold: Weekly Chart

…Caution is warranted based on how price is negotiating its way within the up channel as shown in the chart below.  The last seven weeks have evolved within the half-way area of the channel.  The failure of price to work higher and nearer to the upper channel line tells us price is laboring, and there could be some more corrective activity in the next few weeks.  This is not a sound for alarm for the trend remains up…

GC W 30 Jul 16

Gold: Daily Chart

The increased volume [as shown in the daily chart below] adds to the note of caution.

GC D 30 Jul 16

Silver: Monthly Chart

Silver does not appear quite as dynamic as the gold charts, yet it continues to quietly outperform relative to gold.  We mention the small gap apparent on this chart because little gaps can signify the beginning of an eventual major move, to the upside in this case.

SI M 30 Jul 16

Silver: Weekly Chart

Like gold, silver stalled in its rally falling just short of reaching resistance, which is a relative indication of weakness in the rally, but still a rally.  The volume increase as price rallied is usually not a positive sign, and for this reason, we take the cautionary view that price may correct more.  That remains to be seen, but at least one can be prepared.

SI W 30 Jul 16

Silver: Daily Chart

Higher than normal volume on the rally is the theme that cannot be ignored.  The cautionary note may prove wrong and price continues to work higher.  That is always a possibility, but it is not a higher probability.  Again, one can only be prepared for what the market will do.

SI D 30 Jul 16


…The physical gold & silver markets are severely underpriced, and so we keep saying to keep buying.  All fiats are losing ground relative to gold and silver, and that will be the eventual reality for the months and years ahead. Those who own and hold physical gold and silver will be the beneficiaries from the corrupt globalists who do everything to discourage gold, while a the same time, they do everything possible now to accumulate it. Keep buying and holding.

Disclosure: The above article has been edited ([ ]) and abridged (…) by the editorial team at munKNEE.com (Your Key to Making Money!) to provide a fast and easy read.
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