Gold And Silver Prices Are Beaching It Up

August 5, 2017

Summer is rolling on…and stocks have taken to the beach for the most part, so we should follow.

The metals were looking fine…but are now acting choppy. Consequently, I’m reducing some miners, but still holding a bit.

This time of year is famous for chop and no trend…so it’s best to keep a high cash position in my view, of course, this can change.

Gold lost just 0.84%...and isn’t acting great now. Gold couldn’t muster the strength above $1,280 on the way to $1,300 resistance. Nonetheless, it is holding up above $1,260 for now, but barely.

The uptrend line beginning at $1,200 is in jeopardy of being broken which would likely lead to a large move lower back to at least $1,220.

Silver prices were weak and fell 2.65%. The uptrend line has been broken and on heavy volume, which tells me it’s going lower soon. We’re holding the $16.25 support level…but likely not for long.

Platinum was quite strong and broke higher by 3.46% Great action for sure. However, chances of moving above $970 are slimming with gold and silver looking to roll lower.

Palladium tried to break higher but reversed and ended down 0.61%. The breakout of the range above $890 couldn’t hold with gold and silver weakening. Consequently, look for a move back to $830 at the lower end of this range.

Have a great weekend and keep things small in order to not get chopped up this summer.

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Warren Bevan is a renowned trader who’s honed his craft over the years learning the styles and techniques of Jesse Livermore, William O’Neil and Dan Zanger and forming his own unique style. He focuses on making money and going hard when the right markets present themselves and during the rest of the time focuses on capital preservation.  He focuses on the leading fast moving stocks during the good times.  He is a proud Canadian, traveler, explorer, and consummate market geek who tells it as he sees it. Warren’s website is www.wizzentrading.com and his email address is warren@wizzentrading.com

Nevada accounts for 75% of U.S. gold production.