Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

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

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

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
Market Horror Show


 -- Published: Sunday, 17 January 2016 | Print  | Disqus 

By Warren Bevan

An absolutely horrific week for markets with any attempt at a bounce being sold hard with much of the weakness occurring overnight in the futures, which makes it very dangerous to try to trade at the moment.

          I was long looking for a bounce using the usual leading stocks but I had to take small losses once the action told me it was not going to bounce.

          Luckily I took those losses before we continued much lower to close out the week so it could have been far worse.

          Markets remain very oversold and should bounce soon, but that doesn’t mean they will.

          I’ll be on it if we do see a nice strong bounce but so far any attempt at a bounce has been weak and easily beaten down.

          We have a long weekend with Monday a holiday so the last thing I was going to do was hold any positions over the weekend, that said, watch us open Tuesday with a huge gap higher that I can’t chase.

          That’s how this game works, it’s rigged to a degree and certainly not fair, but, if you can’t, and you can’t, beat them, join them.

          Learn the tactics and use them in your favour.

          The trading game is about making money, not being right, but, even though I have a feeling we will see this large bounce start Monday, it was still too risky for me to hold anything over the weekend because anything at all can happen around the world an affect US markets.

          As for the metals, they’re all over the place as well and not confirming each other so let’s take a look.

 

          Gold lost 1.40% for the week after coming back into the range but then rising nicely in the face of the general market weakness we experienced Friday.

          Gold now has a bull flag but those patterns work best in uptrends and we are far from that in gold.

          If we do breakout above $1,100 and move past the 100 day average and hold on a closing basis then we should run to the 200 day average at the $1,140 area.

          The caveat to that potential move is that if markets are bouncing, then any gold move is likely to fail.

 

          Silver was pretty flat losing only 0.11% this past week and looking weak still.

          For the potential gold move to work, silver must be moving in the same direction, or confirming the move, and it is not at all.

          A move under $13.75 remains a short level for silver while a move above the $14.40 area would be very positive as long as gold is also acting strongly.

 

          Platinum lost a hefty 5.60% and is holding on by a thread now.

          A break of $820 is a short level in platinum but it has to hold under that on a closing basis and as always, gold and silver will lead so they have to at least be moving in the same direction or doing nothing before I’d consider shorting platinum.

          $600 is the next major support area for platinum.

          A lot of people gave me a hard time a few years ago at $1,400 when I said the $800 area was the next major support level.

          It didn’t happen overnight, but here we are, and the trend remains solidly lower.

 

          Palladium fell 1.33% this past week and is at a key area.

          If we break $500 here then $400 is the next major support level to look for but we have a nice little V bottom pattern now which does tell me we will not break $500 just yet.

          Let’s see how it goes but palladium and platinum seem to be taking a bit of a leading role once again but it’s still too early to say anything concrete about it.

          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, 17 January 2016 | 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 - 2017



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

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.