It’s All About The Numbers

Wasn’t silver supposed to ‘catch up’ with gold and ‘close the gap’, launch higher because of ‘hyperinflation’, ‘go along for the ride’, expose the ‘evil manipulators’?

No one ever considered that gold might head lower, to close that gap, but I digress (not advice, not a recommendation).

Of course, we won’t know until it’s all over if this is just a blip lower or if we’re in a sustained downside reversal.

One thing that is known from the chart itself, we have Fibonacci showing up yet again.

Gold GLD, Daily

First, the un-marked chart. “What do you see?”

Now, for the mark-up. This is one way to look at it.

Wednesday’s close was slightly higher and with increased volume.

That suggests some amount of support … or behind Door No. 2, a potential exhaustion point if support fails.

Currently (as of 9:18 a.m., EST), in the futures market gold (GCG25), is up about +0.24%.

Stay Tuned

Charts by StockCharts

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The Danger Point®, trade mark: No. 6,505,279