The charts, for us, are the best framework for depicting where price is headed, or not headed, for PMs. Eventually, there will be a breakout, but no time soon, as the charts below so clearly illustrate.
The comments above & below are edited ([ ]) and abridged (…) excerpts from the original article by Michael Noonan (edgetraderplus.com)
Gold: Weekly Chart
If you look at the weekly chart, it inescapably says price remains locked in a sideways move…
Gold: Daily Chart
It appeared that gold was trying to make a statement for the upside, but the manner in which the market was developing was not that of an upward trending market, which gold is not.
Silver: Weekly Chart
What was said for gold holds true for silver. The rally from the December 2016 lows was of small range bars with little to no dynamic rallies to the upside. The largest bars are still those that are to the downside, and it is large range bars that show Ease Of Movement.
…The development of silver has been slightly flatter relative to gold, and the Gold:Silver ratio is staying within a range, 71:1 – 68:1. Nothing new to see here.
Silver: Daily Chart
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