Silver Sets Up And Continues To Lead
Another solid week for stocks…which are resting but trending upwards and acting as they should. Finally, we’re making money.
We’ve had a sideways market since late 2014, which made it tricky to really profit much…since trades had to be quick and many just didn’t work. However, the tide has turned…as the action is strong and predictable.
The metals are consolidating nicely and ready to move higher in the week ahead with silver still acting better than gold and leading the charge.
Gold lost 2.17% this past week as it builds a small descending channel. Gold is holding the 21-day moving average well -- and is starting to turn higher. I’d look at $1,340 as the buy level out of the descending channel. Moreover, I’d continue to use weakness to accumulate gold as we are in the early stages of this new up-trending market.
Silver lost just 0.27% and is holding up nicely,…much better than gold.
We’ve got a nice triangle continuation pattern now with $20.50 the buy point for the next bump higher as we move to the next major resistance area on the weekly chart at $28.
Palladium gained a solid 5.12% this past week as it continues to trend higher very well in this uptrend channel. The next major resistance level on the weekly chart remains $690. We are fast approaching that area where a nice rest of 6 to 8 weeks should be due.
Platinum lost 0.30% this past week as it finishes off building this bull flag pattern, which is ready to go anytime now. $1,112 is now the buy point out of the bull flag as we quickly move to the minor resistance level of $1,170 on the weekly chart.
To be sure the metals are acting great while stocks rock.
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
In my free, nearly weekly newsletter I include many links and charts which cannot always be viewed through sites which publish my work. If you are having difficulties viewing them please sign up in the right margin for free at www.wizzentrading.com or send an email to email@example.com with “subscribe” as the subject and receive the newsletter directly in your inbox, links and all. If you would like to subscribe and see what my portfolio consists of please see here.
If you found this information useful, or informative please pass it on to your friends or family.
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”.