-- Published: Sunday, 5 February 2017 | Print | Disqus
By Warren Bevan
A great week for stocks and you can find out a bit more on my thoughts about that at my free blog and I’m sure you’ll enjoy my short thoughts.
The metals continue to show some mixed strength, and weakness, but the week ahead should tell us if a low is in fact in, or if more basing is needed.
Gold gained 2.73% as we moved through the first week of Chinese New Year.
Not bad action at all but gold still can’t get, and stay, above $1,220.
A move above said level would be positive but I see the more likely scenario to play out being a chop between $1,160 and $1,220 until May or so.
Time will tell.
Silver continues to try to lead gold higher and gained 2% this past week.
Seeing silver hold above $17.25 is positive but I need to see gold above it’s $17.25 level of $1,220 for me to vocalize the start of a new up-trending metals market.
Let’s see if gold can get in gear in the week to come or if silver fails this attempt to trend.
Platinum rose 2.38% last week but still cannot move above the resistance of $1,015 where the 200 day moving average coincidentally sits.
Funny how select moving averages are such magnets, or is it!
Palladium gained 1.41% this past week but is struggling to move above its personal level of defiance, $770.
Palladium isn’t anything special here and will follow the pace set by gold and silver if they can ever decide which way they will travel.
Have a spectacular weekend.
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-- Published: Sunday, 5 February 2017 | E-Mail | Print | Source: GoldSeek.com