Tuesday , 19 September 2017


Noonan: “The Trend Remains DOWN In Gold As Well As Silver – Take A Look At the Charts!”

We do not engage in any “predictions” of what the market will do as it is an exercise in171686-gold-silver-bars ego and folly, and a waste of time.  One need only go back to those who are making predictions for 2015 and read what was predicted for 2014 for proof. [All we can say is that] little can be added to what has already been said [and that is] that the trend remains down in gold, and until there is evidence of a strong reversal, this market continues to move along the Right Hand Side of a weak Trading Range. 

By Michael Noonan (edgetraderplus.com). Originally posted* under the title Gold And Silver – Very Strong Indirect Reasons To Buy PMs.

In a market that is forming a bottom, price usually moves sideways along the Right Hand Side (RHS) of the chart.  What is known for certain is that the farther price moves along the RHS, the closer it gets to a final resolution: a final bottom and eventual reversal of trend.  The same applies to the ownership of gold and silver.

No one, absolutely no one, knows when a bottoming process will end, and in this regard, we refer to the ending process of the Federal Reserve fiat “dollar” being used as the world’s reserve currency.  (What that means is goods on the world market are priced, and settled, in terms of dollars and no other currency, unless countries decide to trade using their own currencies and outside of the fiat “dollar” system.]  The fiat “dollar” is still moving farther along the RHS of its ultimate demise.

The Western financial central banking system is losing its control, and it continues to move along the RHS of that loss of control.  When will loss of control be final?  That is the same as asking when will gold and silver put in a final bottom?  Unanswerable as to an exact date, and almost near impossible as to a reasonable window of time.  Almost none of all the experts in the PM community foresaw the extent of the decline from the highs over three years ago, and since 2013 and 2014, almost none called for the recent lows currently prevailing.  (There may always be one or two, but we do not know who they are.)

When the fiat Federal Reserve “dollar” finally loses its status as the world’s reserve currency, gold and silver will have then begun to make an  upward price adjustment or will begin to make the upward adjustment, and all who paid much higher prices for gold and silver will stop whining about price.

Now to the charts:

Gold: Weekly Chart

Continue buying the physical, but the paper market is dead in the water from the long side.

GC W 10 Jan 14

Gold: Daily Chart

Even with a decent rally to start 2015, look at where price is…locked within a TR.  The market is not advertising any opportunity[s] at present.

GC D 10 Jan 14

Silver: Weekly Chart

Since breaking under 18, silver traded sideways for 5 weeks and then made another break to the downside.  It has been trading sideways for 11 weeks.  It is from this kind of sideways activity that an opportunity can arise.  The problem is the overhead resistance appears to be an impediment for an upside breakout.  However, anything can happen. Best to wait and see what develops and the manner in which it does.

SI W 10 Jan 14

Silver: Daily Chart

Interestingly, the sideways activity looks more promising on the weekly than on the daily chart.

SI D 10 Jan 14

Conclusion

Until there are signs of strong upside movement with strong closes and increased volume, it is hard to get excited for the paper market.

[The above article is presented by  Lorimer Wilson, editor of  www.munKNEE.com and www.FinancialArticleSummariesToday.com and the FREE Market Intelligence Report newsletter (sample hereregister here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. This paragraph must be included in any article re-posting to avoid copyright infringement.]

*Original Source: http://edgetraderplus.com/market-commentaries/gold-and-silver-very-strong-indirect-reasons-to-buy-pms

Stay connected!

Related Articles

1. Gold & Silver Markets’ Best Analyst Is Michael Noonan – Here’s Why

There is so much hype and cheer-leading out there amongst supposed gold & silver analysts that you probably wonder just who is worth your time to follow, if anyone. Having read and analyzed hundreds and hundreds of articles on the subject I have concluded that there is ONLY one such person. That’s Michael Noonan. Read More »

2. This Site Reveals the Performance of Financial Pundits – How Well Has Your Guy Done?

Recently I discovered a website which tracks pundits in finance (and politics and sports). Check it out to see how many of the calls and predictions of your favorite prognosticators have turned out to be true. You’ll be surprised and, no doubt, disappointed! Read More »

3. Basing Investment Decisions On Market/Economic Predictions Is A Fool’s Game

Nobody can predict what the stock market will do so basing your investment decision on market or economic predictions is a fool’s game. Read More »

4. Economic Forecasters Are Consistently Wrong – Here’s Proof & Why It Is Important to Know

New research shows that forecasters tend to underestimate the expected outcome of anticipated economic data for several months in a row, and then overestimate it for several months in a row thereafter. Why does that matter? Read on. Read More »

5. Gold & Silver Views: Wishful Thinking OR Avant Garde?

Optimism, hype, wishful thinking, hope – call it what you will (unabashed cheerleading?) – abounds regarding the future for the price of both gold and silver. Below are just a few such views. Read More »

6. Gold: 42 Parabolic Peak Price Predictions By Year (2015-2020)

Over the years only 42 pundits have been bold enough to provide a specific date as to when their forecast for the future price of gold (and silver, in some cases) would be realized. This article provides that information along with the criteria & rationale for their determinations. Read More »

7. Gold: $725 or $7,250? Silver: $12 or $120? 8 Popular Analysts Have Their Say

The internet is awash with analysts who believe that gold is going to $7,250+forecasting crystal ball and as low as $725 and that silver is going down to $12 or higher than $120. Such pundits (Roubini, Sinclair, Rickards, Willie and Edelson to name a few) grab a lot of attention in the media but are their prognostications worth paying attention to or are they just a lot of hot air? Read More »

8. Silver: 14 Parabolic Peak Price Predictions By Year (2015-2020)

Over the years only 14 pundits have been bold enough to provide a specific date as to when their forecast for the future price of silver would be realized. This article provides that information along with the criteria & rationale for their determinations. Read More »