|Gold Shares Chart|
Gold Shares' overall trend, revealed by trends of price, leverage, and time, are define and discussed below for subscribers.
A weekly close below 18.85 supports the bear phase, while a close above resistance from 21.01 to 22.96 could reverse it. A reversal favors testing of higher resistance.
On Balance Volume (OBV), a crude measure of trend energy, has been lagging price since April. This negative divergence, an indication of distribution, is bearish until reversed. Gold shares advancing to declining issue and up to down volume, similar measure of accumulation/distribution, generated a bearish crossover in August (chart 2). The crossover introduces a bear phase for the gold shares, gold, and silver.
Message of Caution to Bears
Bullish divergences between price and advance-decline percent (breadth), often a technical setup that often leads powerful short-covering rallies or trend transitions, advises risk reduction into weakness for the bears until reversed (chart 2).
Market-driven money flow, trend, and intermarket analysis is provided by an Insights key.