…Have gold and silver seen a bottom yet, and is there a turnaround soon in the cards? No, and no…It is still business as usual as gold and silver languish around recent lows. There is no date one can mark on the calendar that points to an end of the Rothschild dominance over Western fiat currencies and their suppression of the anti-dote to all fiats, gold and silver…All one can do is to keep holding, and keep buying as much as one can suitable to their financial circumstances, and wait. There really is no alternative and complaining about it will not bring the day of fiat reckoning any closer.
The above introductory comments are edited excerpts from an article* by Michael Noonan (edgetraderplus.com) entitled Gold And Silver – An End Still Not In Sight.
Noonan goes on to say in further edited excerpts:
Many want to be the first to call a bottom, and almost all of those “many” have already called for a bottom, some more than once, but we will not likely be among them. We prefer to follow developing market activity, and let it determine when a bottom is final. The realization of a bottom can take days, often weeks to confirm. Those who have called bottoms in the past few years never had the patience to wait for confirmation, which never came, obviously.
Weekly gold has hit important support for the third time since the 2011 highs. There was
an immediate rally following the previous two tests, and it would seem one will follow
this one. There is a more positive sign on last week’s retest, for it is the only retest where
price opened near the low for the week and closed relatively strongly.
Below is a look at the weekly, daily & intra-day charts devoid of extensive technical commentary which can be found in the original article* as linked at the end of the article.
Silver is a different read, lacking the positive elements discussed in the gold charts. Not much can be said of silver until there is evidence of buyers taking a stand and overcoming the effort of sellers. In fact, silver remains in an oversold condition, so one cannot be very bullish about a market in a down trend and oversold within such a trend. It does not speak of any strength.
Below is a look at the weekly and daily charts for silver, again devoid of commentary, to provide you with a fast and easy read. For those interested in more extensive analysis please visit edgetraderplus.com.
Gold and silver have NOT seen a bottom yet, and there is NO turnaround soon in the cards. It is still business as usual as gold and silver languish around recent lows. All one can do is to keep holding, and keep buying as much as one can suitable to their financial circumstances, and wait. There really is no alternative and complaining about it will not bring the day of fiat reckoning any closer.
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.
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Noonan’s Previous Articles:
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