See charts below with an On Balance Volume indicator and the Money Flow Indicator using a 13 period
The first full 5 day trading week after Easter and volumes understandably increased. This weeks trading produced an "inside bar" which indicates uncertainty. Will the market continue up or fall down? An inside bar suggests that is the question on traders and investors minds.
The OBV continues going up but the MFI is hitting its overhead resistance line, you can see I have drawn that overhead down trend line on the chart. This MFI has been suggesting for a few weeks now that uncertainty prevails, well tell us something we don't know! :)
On Friday in the US the market fell across all indexes, including gold and crypto. Gold appears to have indicated a blow off top and the probability is - it will fall to support. How much that fall is and what support it respects (near or far) will be a big indicator as to the real strength of the gold rally. Below is a chart of the Gold miners ETF in the US (which the Aus market follows closely). You can see the big reversal bar and massive volume indicating a change of mind from traders. If it can hold support around 32.00 that will be a good indicator of strength. The less the fall before going back up, the stronger the market IMO. One to watch with interest but not prediction.
Anyway, that's it for this week. 52 week high alerts are below
Have a great week
Peter