March silver prices are seeing some profit taking and a downside technical correction.
March silver prices Wednesday hit a five-week high and on Thursday are seeing some healthy profit taking and a downside technical correction.
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The market is seeing some profit taking and a downside technical correction following recent solid gains that pushed the yellow metal to a three-month high this week.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Weaker On Corrective, Profit-Taking Pullback
These participants also cited potential for a technical correction in the market, with buyers perhaps hesitant to keep rushing in at the highs without some sort of pullback first.
FORBES: Survey Participants Tilted Bullish On Gold Prices Next Week
The short-term technical outlook and increasing volume suggests the correction is over but are there any new opportunities for investors or traders?
Now, the daily technical action of the homebuilders suggests a further correction is likely before the intermediate uptrend resumes.
Importantly, no significant technical damage has been inflicted in gold and the sizeable downside price correction was not unexpected.
FORBES: Comex Gold Lower on Follow-Through Pressure from Big Losses Tuesday
No one knows what type of correction this will be, this is why I will measure technical levels along the way for composure and opportunities.
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It maintains the mechanical aspects of Sell in May, avoiding emotional input, but incorporates a simple and well-known short-term technical indicator, MACD, to identify whether the market is still in correction mode when the entry date arrives in the fall, and whether it is still in rally mode when the calendar exit date arrives in the spring.
FORBES: Sell In May Could Still Come Into Play But Don't Bail Now
Everything he chose to flag was either a correction as he remembered it, or a question relating to issues of technical or historic substance.
As I discussed on Thursday in an in-depth technical review of the stock market, there are no signs yet that this anything more than a correction within the uptrend from the March 2009 lows.
Troubling technical signals appear to be confirmed by recent movements in key sectors, driving up the possibility of a deeper correction ahead.
FORBES: The Week Ahead: What Do Sectors Say About the Economy?
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