Managed Money Buying Silver Heavily
SilverDoctors.com
April 3, 2017
Charts show that silver is strong; COT says that managed money is buying heavily.
From Peak Prosperity:
On Friday gold rose +6.80 to 1251.60 on light volume, and silver climbed +0.14 to 18.27 on moderate volume. Gold was under selling pressure until about 30 minutes before the open in New York; at that time gold suddenly spiked higher, eventually climbing about $10 off the lows. Silver did even better.
This week was another strange week. Overall, silver powered higher and is in a clear uptrend, above all 3 moving averages. Platinum and the miners are now below all 3 moving averages, with platinum performing worst of all the metals this week. Gold is camped somewhere in the middle. I look at the tea leaves and I have no idea what it all means.
Gold closed up +5.20 on the week. This week, gold ran into resistance at the 200 MA, and after a few days trying to break higher, ended up selling off briskly on Thursday and printing a swing high. The rally on Friday resulted in a simple long white candle, which the code felt was neutral – this does not negate Thursday’s swing high. This suggests gold probably remains in its recent downtrend.
That said – if we factor in the dollar’s +0.78% move this week, gold actually looks significantly better. The chart of gold in Euros made a new closing high on Friday, and there is no sign of a swing high or any other bearish indicator.
The Rest…HERE
