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The spike in volume for March could have been sellers overwhelming buyers, and a correction lower would soon follow. There was no correction. What the volume tells us then is that buyers were the most active, taking everything available sellers could offer, and that is why price rallied so strongly.

What has been gained from the after-the-fact observation is knowledge that buyers are now in greater control of the market than sellers. This gives a boost in confidence that the up trend will continue, and purchases made in the direction of the trend have a greater probability of gain over loss.

Here is an example of not knowing for certain how price will develop, next week. Gold is at resistance, but the question is, was last week’s rally out of a congestion TR [Trading Range], a breakout

to the upside and strong gains will follow immediately? Or will the resistance area put a temporary stop on the rally and generate consolidation or even a reaction lower?

the sideways TR is also a potential base from which gold could launch much higher, having already started last Thursday and Friday. Either way, the developing market activity is showing positive signs not seen for the past few years, and this spells opportunity.

Michael Noonan, mn@edgetraderplus.com, is a Chicago-based trader with over 30 years in the business. His sole approach to analysis is derived from developing market pattern behavior, found in the form of Price, Volume, and Time, and it is generated from the best source possible, the market itself

Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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