And Now Here Comes Gold

To follow-up on yesterday's piece about platinum and palladium, gold and silver are confirming the potential bottoming action today. On the GLD ETF for gold bullion, below on the daily timeframe, note the surge in buy volume (bottom pane) accompanying the price breakout from the base bottom. 

While it is certainly true that GLD remains below a declining 200-day moving average (meaning bulls ought to temper enthusiasm until more upside is sustained and held), there is no denying the essence of the precious complex in recent sessions smacks of an awakening after several quarters of begin asleep at the switch.

To reiterate, September is typically the month of wildly bullish seasonality for the precious complex. But putting in a good low in August logically makes sense to precede the move.  And this gold/silver confirmation is an excellent first step for patient gold bugs. 

Elsewhere, the Nasdaq is finally slowing down after an explosive multi-day rally. AMD SPCX had rough earnings reactions. And now SNDK this evening figures to take center stage.