Michael Noonan: However important underlying fundamentals are, in terms of supply v demand, they have been and continue to be of little to no use in determining when reality will reenter the market. When that happens, price will adjust and reflect the true picture of gold and silver’s record [demand] accumulation.
All that matters for now is the political situation involving the moneychangers and their puppet government regimes giving them cover during the end game of their world-wide theft. Just last Thursday, we saw once again another “smash-down” in gold futures. At one of the best possible times to assure liquidity and excellent execution, 1,500 contracts were sold around 5:30 a.m., CST. Who needs to worry about getting good fills when the only objective is to intentionally move the market lower?
In the past few months, we have acknowledged leaning to any price turn taking a year, or more, rather than sooner, and market activity continues to bear that out. No matter what the latest “news” development is for PMs that paints a rosy picture, those in the fundamentalist camp are looking through rose-colored glasses to expect change in the near future. The charts continue to tell a more accurate story that belie all known| fundamentals, and the charts shown here depict a market in decline with no apparent end in sight.
The month is not yet over, and anything can happen before the 30th. A monthly chart is presented to show how the last three months have had overlapping bars. This means there is a greater battle between buyers and sellers at a level where sellers should be in total control.
Contrast the last three bars with the two preceding, and the other two rally bars show less overlap, indicating greater EUM, [Ease of Upward Movement]. The ranges of the two rally bars are also larger than the last three decline bars which supports the conclusions made.
It takes more time and greater effort to turn a monthly trend than a weekly or a daily one. While there is no evidence of a turn in trend, the fact that price is hugging the upper down channel line is more positive. In a down market, one would expect to see price hugging the lower channel line.
The weekly shows a slightly different picture with price nearer the lower channel line. We can infer price is closer to a potential support area, and volume increased in the process. The significance of the increase in volume is addressed on the daily chart, and again on the silver weekly/daily charts.
The daily is a more complicated read, yet revealing about that 1,500 contract sale, seen on the third bar from the end with a sharp volume increase. One would expect a big “win” for the bears, with all that unopposed selling, yet the location of the close, mid-range the bar, tells us buyers were equally present, keeping price from closing lower.(...)Click here to continue reading the original ETFDailyNews.com article: Gold and Silver Decline Far From OverYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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