-- Published: Sunday, 29 January 2017 | Print | Disqus
By Warren Bevan
Stocks continued to show nice strength as we get deeper into earnings season.
They just look, and act great!
We have a healthy sized group of top callers everyday which is what we need.
It’s when everybody says we will go higher that I’ll get worried.
As for the metals, the pre-Chinese New Year buying has dried up and we are seeing weakness set in now.
I’m not saying we will crash, but a nice couple month of building a bottom would be fine.
Gold lost just 1.37% this week but it’s pretty apparent that the pre-Chinese New Year buying is now done.
Support sits at $1,180, $1,160 and $1,120.
Silver rose 0.61% on the week thanks to Friday’s impressive and counter-gold movement.
I don’t think silver will move higher here even with Fridays strength, doubly so if gold continues to act poorly.
Platinum gained a pathetic 0.75% in the face of weakness this past week.
Looks to me like platinum is going nowhere fast for the time being.
Palladium lost a hefty 6.32% this past week, but did have a strong Friday.
The action is wide, loose and sloppy on this chart and that is not the type of action I like to trade.
That’s it for this very short letter as my laptop is about to die, I forgot my charger, and the ski slopes are calling!
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-- Published: Sunday, 29 January 2017 | E-Mail | Print | Source: GoldSeek.com