Gold And Silver – Is A Bottom In? Nothing Confirmed
by Michael Noonan, Edge Trader Plus:
Confirm – verb – 1 establish the truth or correctness of (something previously believed, suspected, or feared to be the case). state with assurance that a report or fact is true.
We are again seeing more and more experts and non-experts calling for the bottom for gold and silver, but none can confirm it as a proven fact. Few realize how important it is to have confirmation that one’s position is correct and will be profitable. It is confirmation that gives validity to a prior market move/event. This is the theme of our analysis, today.
Last week, we said the labored rally relative to a strong decline bar, on a weekly fiat “dollar”chart, while not trying to call a top, the market structure revealed weakness that the “market is not internally strong.” [See Current Prices Do Not Matter, first chart and two paragraphs above.
We got confirmation of that assessment last week when price dropped like a waterfall through the 98.50 level without looking back. We do not follow the fiat “dollar,” beyond noting it is the globalist’s worst enemy for exposing the fraud behind fiat currencies.
The highest volume day on the chart shows a failed probe higher with a very weak close on that day, a clue that a likely turn was near, and that was confirmed several TDs later. The wide range decline bar, last Wednesday, confirmed the analysis that the market structure was weak. This is how one uses developing market activity to advantage.
Crude oil is the opposite to the fiat situation, above, crude being at current lows where the fiat was near current highs. The information in price and volume is sending a message that there is a shift in the market from sellers to buyers. Increases in volume are always the hallmark of smart money, those with strong hands for accumulating and holding positions at important market turns, [in down trending markets].
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