-- Published: Sunday, 22 March 2015 | Print | Disqus
By Warren Bevan
A great week for markets and stocks who broke out earlier in the week off lows and then continued nice action into Friday.
Iím quite heavy into stocks now, mostly focused on the pharma and biotech sectors that Iíve been focused on for a long time now.
We are not yet to the blow-off stage that will be similar to the late 90ís in tech but we are getting there and seeing some stunning moves already.
I canít stress enough how important it is to be on your game at the moment.
As for the metals, they also took off on news the Federal Reserve removed the word patient from their rhetoric.
Weíve seen gold move on Fed speak before and it usually doesn't last too long before the dominant trend reasserts itself.
Letís take a look at resistance levels in the metals this weekend.
Gold gained 2.01% this week and is now stuck at the 21 day moving average for now.
Iím looking for this move to peter out around $1,200 where there is lots of resistance but we also know this $1,180 level is resistance from recent lows so we just have to see how the next few days play out.
The dominant trend does remain lower and we all know that counter-trend moves can be very violent, but short-lived, so it looks like itís just that for now.
If you were short gold, thatís where stops come into place and save you.
I wish I could be right all the time but rules and stops save me when Iím not and really, being right all the time would take the fun out of the great trading game.
Silver gained a large 6.94% this past week with it all coming after the Fed talk Wednesday.
Weíre at resistance at the 50 day moving average here and chart resistance at $17 and above is resistance at $17.25.
This is obviously a classic counter-trend move and they donít last long, but they are hard to sit through
Itís too late to get long here now but letís see what forms on the charts in the days ahead.
I still think this move higher will fizzle out but it doesnít matter what I think, Iíve just got to see how things act.
Platinum gained 1.76% on the week and is looking for more upside now.
A move above this $1,140 level should see $1,180 tested in short order.
Above $1,180 we have major resistance at $1,200.
Palladium lost 2.14% for the week in stark contrast to the other precious metals.
Often palladium has behaved better then itís brethren but not this week.
Weíve got $790 to $800 on the upside while $760 is still holding as a support area.
I remain mostly focused on stocks and even more focused on a couple sectors where the money is going.
As the old saying goes, follow the money, and it isnít hard to see where the money is going these days.
Enjoy your weekend and make sure to get lots of work into finding the next big winner, or let me help you do so by becoming a member.
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
If you found this information useful, or informative please pass it on to your friends or family.
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.
| Digg This Article
-- Published: Sunday, 22 March 2015 | E-Mail | Print | Source: GoldSeek.com