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  Noonan on Gold & Silver: Charts Say ?Right Now, Risk Is Greater Than Potential Reward?  
  Lorimer Wilson on 2018-01-16 17:26:50.0
 
 

…Those who have no patience for, or understanding of, the higher timecrowne-gold-silver-bullion_l frames…are missing out on some very valuable market information. While [my charts]…are not timing tools, and one cannot use them for trading, they are invaluable for keeping the market in context…[and] what these charts have been saying since the highs of 2009 and 2011 is that there is little reason for trading from the long side, if one wants to maximize potential results…

The original article by Michael Noonan has been edited here for length (…) and clarity ([ ]) by munKNEE.com to provide a fast & easy read.

Here's what the charts are revealing these days:

Gold Charts - Quarterly & 5-year Trend

You can see how the high volume weeks correspond to almost the exact week low before price turned around for an extended rally. High volume periods, monthly, weekly, daily, intraday even, are very significant pieces of information.

Gold Chart - Weekly

Suggested price still has a way to go before turning into a bullish market. Right now, risk is greater than potential reward. (We are talking trading the market and not buying physical gold. We have been purchasers of physical metals consistently over the past few years, as advocated.)

Gold Chart - Daily

…Smart money always leaves a footprint on the charts that can reveal their intent, something they are keen on hiding from the public. It is a matter of knowing what to look for and how to interpret it. This is more of the art form of chart reading, for reading charts is not a cookie-cutter exercise as so many might think or want it to be.

Silver Charts - Quarterly & 5-year Trend

…The Qrtly chart appears to be offering some valuable information that is not as apparent on the other time frames. The clustering of closes, occurring during this labored correction, adds weight to the potential for preparing for a long position on breakouts. Plus, you can see the location of the closes for the [last] 2 Qtrs was near the high indicating buyers [as] overwhelming sellers.

fine    silver    fine    gold Chart - Weekly

Again, the potential for a trade from the long side is not even close to apparent on the weekly chart. This is why it is so important to have an awareness of all time frames. Otherwise, the possible clue[s], as described on the Qtrly, would be lost.

Silver Chart - Daily

…The higher time frames are not for timing, and the weekly chart above and the daily chart below are examples.

Conclusion

There does not appear to be a possible trade or reason for trading from the long side, yet. The Qtrly says to be aware and keep looking for a reason.

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The post Noonan on Gold & Silver: Charts Say "Right Now, Risk Is Greater Than Potential Reward" appeared first on munKNEE dot.com.

 
 
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