by Michael Noonan
Market Oracle
With the holiday weekend, the focus will be on charts only for, ultimately, they reveal the truest story of what is developing in any market. There is one more trading day in May, next Tuesday, but we are using ending data from Friday, the 27th, for the monthly charts.
The rally in both gold and silver has been a significant change in market behavior, and these changes are telling the world that the decline from 2011 may have ended. We note the ending action at 1, on the monthly chart. Besides the obvious support and resistance areas, what stands out are the two high volume months when price closed lower each time, once in March, and now for May.