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An interesting week for the precious metals. Gold, Silver & Palladium all had down weeks and started to pullback from their recent strong run. However, the cumulative volume moved above it's moving average for the first time in almost a year in gold and it also made a small move above it in silver as well. I use this as part of my longer term buy criteria so it's a positive sign for me for the precious metals, but the price action needs to confirm it as it's just a secondary indicator and currently the price action is not. So the key for me now is to watch how it behaves during this pullback as a pullback as far as 1650 in Gold and reversal higher would be normal and healthy imo.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
I created this template in Ninja Trader. It is a 99% exact copy of a combine (2) charting methods that you would have to subscribe for $99 a month. I did it for free.
Attached is my latest Gold, Silver & Palladium charts. All the precious metals are showing positive signs and have moved into new sub-stages, but I've marked up the Palladium chart as it's the clearest.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
