Market Alert: Technicals Are Breaking Down BIG TIME In Gold, Silver, Platinum & Palladium

Yesterday it was “how low can they go”. Today, we see the technicals are breaking down and it’s not looking good at all. Here’s why…

The technicals are breaking down.

The charts look awful.

There’s no need to sugar coat it.

While everything in the world is going up in price except for gold & silver, you know it’s precious metals price suppression.

But no reason to rant either.

Just a quick update so let’s dive into the charts.

Gold looks terrible on the daily chart:

MACD is about to turn into full on bearish divergence, and we’re getting closer and closer to the ominous “death cross”.

Low volume yesterday and today too – that shows the cartel can strong arm these markets with minimal paper.

Silver’s daily chart looks pretty nasty as well:

The MACD is rolling over even faster than gold’s, but what is particularly troubling is that silver has plenty of room to run until it is screaming “oversold” on the Relative Strength Index (RSI). This means we could have a ways to fall before finding a bottom.

Intra-day, we can see the lows were put in during the morning:

But gold & silver look to be rolling over.

Combine the rolling over on the short time-frame, coupled with broken-down daily charts, an it’s not looking good for the home team.

Palladium looks the least nasty of all four, but it still doesn’t look good:

Particularly, price action over the last six days does not look good, palladium lost the 50-day moving average again, it has room to run until screaming “oversold”. MACD is also rolling over quick.

Platinum looks the worst of all:

I’m counting six series of lower-highs and lower-lows in a row, which is very bearish, like it has no end in sight, and we’ve just put in a 52-week low today, which takes out the December 2017 low I was warning about on Monday. The MACD is also breaking down.

Here’s the point: People say “technicals don’t matter”.

But when the cartel gets the charts looking like this – mainstream investors and traders take action, according to the direction.

As an added bonus, the sheeple get to hear “see, gold & silver are terrible investments”.

So technicals do matter.

We’re close to the bottom, but the charts are bearish and telling us we could still go lower from here.

Last week I said $1270 or $1265 for gold to wipe the slate clean. We almost got there today, at $1272.60.

Will we get there tomorrow?

We’ll see.

Yesterday I said for the cartel to really flush silver, they would likely smash silver into the $15s.

I also said to particularly to watch $15.72. That’s the December, 2017 closing low.

We are still in the sideways channel of pure agony, but silver has room to run to the downside.

Are we headed lower tomorrow?

We’ll see.

My gut is telling me we are.

The charts are telling me we are.

Though nobody has a crystal ball.

I certainly do not.

Stack accordingly…

– Half Dollar


 

About the Author

U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.

Paul’s free book Gold & Silver 2.0: Tales from the Crypto can be found in the usual places like Amazon, Apple iBooks & Google Play, or online at PaulEberhart.com. Paul’s Twitter is @Paul_Eberhart.

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