-- Published: Sunday, 7 June 2015 | Print | Disqus
By Warren Bevan
Markets began to act sloppy this week and began to break below breakout levels late in the week.
I locked in all my gains Thursday and am now in an all cash position and looking for a little correction.
Unfortunately, Friday saw two of the stocks I sold have stellar days to the upside and I just watched.
I can’t win them all but the churning action we’ve seen more and more of in the past week makes me happy to have not taken a single loss and just locked in gains.
Churning often leads to moves lower and markets are showing failed breakouts and June tends to be weak so I am cautious here.
Gold and silver broke below the patterns I showed here last weekend and are set for more downside once again.
When the metals are breaking a perfect bearish pattern which says lower, as they are now, all I can hear are the crickets!
Gold lost 1.57% over the past week, which isn’t a lot, but it is breaking the continuation pattern triangle I have shown in this free letter.
There really isn’t much else to say.
Gold has support next at $1,150 and then we see what builds on the charts.
Subscribers knew the short level and many are now short gold and looking to book gains at $1,150.
I could go on but there is no need.
Charts keep things simple and clean if there is a pattern, if not, there is even less to say.
Silver lost 3.68% this past week and also broke below the bearish triangle pattern I showed here last weekend.
Silver found support near $15.75 since that is support on the chart and now it looks like it will move back up to test the $16.50 level.
The dominant trend remains lower and that’s that.
We may see some rangebound trading for a few weeks or more between $15.75 and $16.50.
Platinum lost 1.28% and is following gold and silver as always.
Platinum tested the $1,090 level I talked about here last weekend as a support level and it looks set to bounce now.
I’d look for a range trade between $1,090 and $1,120 for a few weeks or more.
Palladium lost 3.20% last week and broke below the large triangle pattern I showed you here in me free weekend letter last weekend.
Palladium stalled around the $760 support level and flipped it to resistance by trading a few days under it before moving lower once again towards the next support area at $730.
Enjoy your weekend.
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 “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, 7 June 2015 | E-Mail | Print | Source: GoldSeek.com