LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Bounce Be Gone


 -- Published: Sunday, 29 March 2015 | Print  | Disqus 

By Warren Bevan

Stocks and markets were looking so good last weekend but their actions were to the contrary in the week just past.

          Weakness set in hard an continued and I had to go back to a cash position for a couple days but Friday saw some great V bottom type of patterns emerge and I’m moving back into a few stocks now for a bounce.

          It’s never fun when such fast corrections come but they do come and all you can do is deal with them and then be ready for the next setup and move.

          The metals hit resistance levels and as often happens, they overshot those resistance levels and are now moving back below them which is a short sell signal.

          Let’s take a look at the precious metals and see where we should find support next.

 

          Gold gained 1.4% for the week and backed away very predictably off resistance levels.

          The 50 day moving average at $1,220 was perfect resistance for gold and now we are moving back below the $1,220 resistance level where many subscribers shorted gold Friday.

          The big counter-trend rally that was sparked by the Fed speak looks to be over now and I mentioned last weekend that rallies on Fed speak generally don’t last long in the golden realm.

          Support still sits at $1,180 and then below at $1,140 so we just have to watch and see how gold behaves at those areas and every evening I’ll tell subscribers what I see in detail and they can play it accordingly but for now, being short is the play.

 

          Silver gained 1.46% for the week and found resistance at $17.50 before showing signs of rolling over now.

          Gold is leading silver for the time being.

          A move under $16.75 is the short level for silver and it’s got moving average support at $16.50 and below that is $16.

          I may use a levered ETF to short some silver Monday as long as gold remains leading and looking weak.

 

Platinum saw a 0.25% rise over the past week and is also rolling over now.

          $1,160 resistance was hit and is holding and as always, platinum follows gold so it looks like it has further to fall.

          Minor support sits at $1,120 and then if that breaks we should head back into new low territory under $1,100 pretty quickly.

          The dominant trend remains lower for the precious metals while it is higher for stocks so shorting strength in the metals and buying dips in stocks remains the way to play it.

 

          Palladium lost a hefty 5.04% this past week and is showing very weak action on heavy volume.

          There is some good support at the $700 area and at this rate palladium will be there quickly.

          My focus for subscribers this weekend is finding the stocks in the right sectors who’ve held up best and also those who are showing V bottom patterns which can give large gains in very short order.

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

          Warren

          If you found this information useful, or informative please pass it on to your friends or family. 

Free Service

          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”.

 


| Digg This Article
 -- Published: Sunday, 29 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.