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GoldSeek Web

Buying Has Dried Up

 -- 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:

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