Gold Daily and Silver Weekly Charts - Coiling, Coiling, Coiling

Gold and silver are in the sideways chop that I suggested that they would find just underneath the big overhead resistance here.

I am not going to waste time giving out the particulars of the various measuring objectives if we break out now. We can wait to see if we do get a breakout and what character it might assume.

I have included a close up of the current formation on the gold chart, which is part of three inverse head and shoulders formations, with the largest being part of a double bottom. If the neckline is broken and then survives a retest it is considered 'working' and the minimum objective is the distance from the head to neck.

In this case the necks could start falling like dominoes, although they are not considered valid necklines until they 'work.'   We are in a tough slog now, but the battle royale will be fought around 1420.

The objective of the biggest, the double bottom, is $300 from $1490.  Interestingly enough, $1790 takes gold back to where it originally failed, at the top of the current chart's big 'cup.'

Silver on the weekly is also in a big double bottom formation that targets $30+ if it works, that is, it breaks the neckline and survives any retest.

There was the usual small volume in and out of the Comex but nothing of great importance. Comex is falling back into the scenery.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Seems Almost Like the Summer Doldrums

As Jesse Livermore once said, 'Never short a dull market.'

And this market is dullsville. If something sets it rolling downhill, it could go some way before it hits anything solid.

But, the Fed seems to have their backs.

NAV Premiums of Certain Precious Metal Trusts and Funds

The Sprott Silver Trust is getting low on cash as a percentage of its overall assets.  This time last year it had about $14 million in cash.

Typically they would look to do a secondary offering to add silver and cash.  That tends to temporarily lower their premium to NAV.

Gold Daily and Silver Weekly Charts - Is Today Just Another Day in the Matrix

If someone strangles the canary, does that mean that the mine is now completely safe and risk free?

Neo: What does that mean?

Cypher: It means fasten your seat belt Dorothy, because Kansas is going bye-bye.

The Matrix

Have a pleasant evening.