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The End Is Near


 -- Published: Monday, 16 January 2017 | Print  | Disqus 

By Warren Bevan

Stocks continue to build bases as we progress into earnings season.

          I see no reason in the charts to expect any meaningful downside yet.

          Metals continued to show strength off lows but I am still weary that this strength is only fleeting with Chinese New Year right around the corner.

 http://goldseek.com/news/2017/1-15wb/image002.gif

          Gold gained 1.94% this past week and has been acting fine.

          That said, I don’t see it really moving anywhere fast with only a couple weeks left of this current influx of Chinese buying.

          We may see this move extend to the $1,240 resistance level but likely not above.

 http://goldseek.com/news/2017/1-15wb/image004.gif

          Silver rose 1.49% and is finding resistance at $17 now.

          We may see silver breach $17 and move to $17.50 over the next couple of weeks but I’m not looking for real strength to take hold until the early spring.

 http://goldseek.com/news/2017/1-15wb/image006.gif

          Platinum only notched a 1.63% gain this past week but does look set for a bit more upside on this move.

          This short-term uptrend should continue to the $1,025 level where the 200 day moving average sits, and will act as resistance.

          Once the selling in gold subsides, it will in platinum as well.

          As unrelated as they should be, platinum and gold are very correlated.

 http://goldseek.com/news/2017/1-15wb/image008.gif

          Palladium was the sole loser falling 1.21% for the week.

          The $775 area is resistance and we are seeing that force exerted on palladium now as it looks to be setting up a bull flag for a potential breakout.

          That said, it will be a hard move to sustain if gold and silver do indeed begin to slow.

          Have a wonderful weekend and week ahead as our current market is a go!

          Warren

          www.wizzentrading.com

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          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”.

 


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 -- Published: Monday, 16 January 2017 | E-Mail  | Print  | Source: GoldSeek.com

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