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Mixed Metal Moves


 -- Published: Sunday, 10 August 2014 | Print  | Disqus 

By Warren Bevan

Weakness dominated markets this past week and many stocks followed.

          The summer of consolidation continues with some weakness thrown in for good measure.

          I still donít think this correction will be very deep, rather, it will just put in the low of this base that is forming and is set to complete in early fall before we breakout and run into the end of the year.

          We will make our money this year, we just have to wait for the proper setups.

          Subscribers have seen how quickly and how much money we can make while the rest of the time is spent waiting for the right time.

          So we wait.

          Gold had a strong week while silver didnít.

          I talked about silver taking the lead between gold and silver and I still think that is the case.

          I donít think this recent strength in gold will last since it is on news and silver is not following at all.

          As always, I can be wrong, but Iím right more often than not and I think I will soon be proven right in this case as well.

          Letís move right into the charts and see what Iím seeing in the precious metals this week before I dive into many, many more charts of specific stocks and markets for subscribers, which is my main focus.

 

          Gold rose 1.22% this past week on news and not much else.

          Weíve seen some awesome moves higher recently which also was news driven and it didnít take long for those to fail and Iím expecting the same for gold in the days ahead.

          Friday saw weakness on strong volume and silver didnít even try to pretend to move higher along with gold.

          Gold has resistance at $1,330 and is backing away from there now.

          There is moving average and chart support back at $1,290 so until we break either way I canít say much other than I do not think this long correction in gold is near the end yet.

 

          Silver fell 1.94% and showed no signs of life at all.

          Iíd love to say gold is going higher but with silver taking the lead recently and showing no sign of moving higher I canít.

          Itís not my fault or doing, just the reality of the situation.

          The downtrend line in silver is now at horizontal chart support and the 200 day moving average at $20.25 so that will be very tough resistance.

          For now $19.75 is holding as support but if gold continues to reverse, silver will break towards the next major support level at $19.25.

 

          Platinum gained a 0.84% this past week and is trying to break the downtrend line.

          A nice break of the downtrend line Thursday was followed by lots of giveback Friday.

          Our old resistance pal at $1,490 is back in control and that is the line in the sand.

          It all depends what gold does but for now $1,490 is resistance while the 100 day moving average at $1,460 is support.

 

          Palladium dropped only 0.68% for the week but has confirmed the double top I talked about last weekend in my weekend letter.

          Now palladium is setting up a bear flag which will take it to $820 by the end of the week ahead most likely.

          All in all, we saw platinum and gold try to move higher but palladium and silver remain weak.

          It always makes it harder when the four precious metals are so mixed but my bet is we see lower prices, although, I have no trading positions in the precious metals at the moment.

          Thank you very much for reading and you can find out more about what I do for members as we focus on leading stocks for the most part at http://wizzentrading.com

          Enjoy this great summer weekend.

          Warren

          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 http://www.wizzentrading.com or send an email to warren@wizzentrading.com with ďsubscribeĒ 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. 

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          The free weekly newsletter ďWizzen TradingĒ 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 ďWizzen TradingĒ 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 ďWizzen TradingĒ.


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 -- Published: Sunday, 10 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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