Written by Warren Bevan
Stocks just chopped around this past week as they remain in their ranges for now. Glimpses of weakness were followed by glimpses of strength…and then we’d rinse and repeat as the week wore on.
All good, as rest is fine for the longer-term health of the bull market.
Metals looked super all week and were ready to break higher. However, as we see so often they did in overseas action. Nonetheless, this strength sadly faded as Friday wore on.
Let’s see what Monday brings…but I may be out of my mining positions shortly.
Gold prices gained just 0.49% and is showing a big failed breakout. The past couple of weeks saw gold setup a beautiful little consolidation just under the 200-day moving average, which suggested it would soon breakout and run up. That began Friday, but failed by days end.
I am not sure how the week ahead will go…as failed breakouts are rarely a great thing.
Let’s see how Monday goes. To be sure a move under $1,240 would suggest more weakness to come.
Silver prices actually ended the week down 0.58% after a failed breakout Friday. We’re still holding well above the 200-day moving average which is positive for now.
All we can do is see how Monday goes. Monday should tell us whether the metals just need a little more time to breakout, or if weakness is setting in.
Platinum gained 1.07% but does have a nice little base, which should lead us higher if gold and silver move higher.
Platinum was stopped dead in its tracks at the 500day moving average twice in recent days. This implies it just needs some more consolidation before possibly pushing higher.
Palladium rose 0.70%…but looks great for a breakout. This little bullish “U” pattern is nice to see setting up above the $800 breakout area.
As always, this potential strength depends on the ability of gold and silver to at least hold up, and preferably move higher.
In my free, nearly weekly newsletter I include many links and charts which cannot always be viewed through sites which publish my work. If you are having difficulties viewing them please sign up in the right margin for free at www.wizzentrading.com or send an email to email@example.com with “subscribe” as the subject and receive the newsletter directly in your inbox, links and all. If you would like to subscribe and see what my portfolio consists of please see here.
If you found this information useful, or informative please pass it on to your friends or family.
The free weekly newsletter “Wizzen Trading” does not purport to be a financial recommendation service, nor do we profess to be a professional advisement service. Any action taken as a result of reading “Wizzen Trading” is solely the responsibility of the reader. We recommend seeking professional financial advice and performing your own due diligence before acting on any information received through “Wizzen Trading”.