Precious Metal Prices May Be Ready To Turn

September 23, 2017

Quiet action for the most part in stocks. To be sure I am seeing some signs of strength to come in the short-term…and you can find out more on that at my free blog.

As I’ve said, I will be retiring my newsletter business the end of September and just trading, living, travelling. In any case I will still write when I see something worthy of words. Time is expensive, spend it wisely.

The metals may be ready to take a turn higher after a nice healthy rest so let’s check the charts.

Gold fell 2.09% as the normal correction plays out. The 50-day moving average has provided some support to gold…and it’s trying to turn now.

A break of the downtrend line would be confirmation of this view…so let’s see what Monday brings.

I think it would be a solid move to go long on a break above $1,300 with tight stops near cost.

Silver slid a hefty 4.05% and is now at the $17 support level. Let’s see if we turn up as we should from this support zone.

Platinum was the biggest loser this past week dropping 4.09%. $903 is a big support area for platinum as well…so let’s see if we can make the turn, as we should.

Palladium was flat losing just 0.21% and is starting to turn higher. A break of this downtrend channel would be great and point to a move back to $980 where rest would likely be due.

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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

Pure gold is so soft that a strong man can squeeze it and shape it.