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

 
Markets Need Rest & Metals Showing Breakout Failure Potential


 -- Published: Sunday, 11 October 2015 | Print  | Disqus 

By Warren Bevan

          Markets are changing now and looking more and more like a low is in now just as seasonality comes into our favour, and that is a reason I am opening up my real-time trading group again.

          I don’t like to bs anyone and the summer was not a great trading environment at all so I didn’t do a lot and would not feel right about having subscribers pay for a service which isn’t really useful at the time, but that time is changing now and we are on the cusp of some nice moves as earnings are now kicking off.

          That said, markets are extremely overbought and are likely to rest or correct a little bit in the week ahead so they can resume their moves higher.

          Two steps forward, one step back looks to be the action to expect.

          The metals are shaping up better and moving pretty well but I am still not so sure the major low is yet in place contrary to what many people are saying right now.

          I’ve been wrong before and will be again though and if I am proven wrong I will be quick to change my stance.

 

          Gold gained 1.58% this past week and is trying to breakout of this triangle pattern.

          Triangles are continuation patterns, and the trend is down so it should break lower but pattern don’t work 100% of the time.

          I have to see the $1,160 level broken on heavy volume but I have a sneaking suspicion that we will see a breakout failure after sucking in the perma-bulls.

          As Mark Twain said, history rhymes, and gold has shown us so many breakout failures over the past few years.

          Until a major low is in around $1,000 I suspect we will continue to see history rhyme.

          If we move above $1,160 but cannot hold it on a closing basis, then that is a short level with a move down to at least $1,115 in the cards in short order.

 

          Silver gained a hefty 3.84% on the week but is now struggling to move past the 200 day moving average.

          Volume isn’t spectacular on this move up so far and it has to be for this move to work and with the 200 day average right here at 16, I’d look for a failure as well.

          A move back under $15.50 would be the short level I’d look for.

 

          Platinum gained a solid 7.87% this past week and is breaking out very nicely with good increasing volume.

          This move should take it to $1,025 but if gold begins to weaken then all bets are off with platinum.

          Platinum follows gold and that’s that.

 

          Palladium only gained 1.72% this past week and is showing a small failed breakout thus far right at resistance.

          The 200 day average is right here at $725 and it’s not hard to see how much palladium is struggling with this level.

          It tried to surpass the 200 day average Friday but failed and that is never a great sign.

          I hope you consider joining my real-time trading group as there are only a limited number of spots available and they are filling up fast.

          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

          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, 11 October 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.