Traders Say “No Thanks” To Gold
It’s always nice to have this long weekend before we make the mad dash to Christmas. With stocks generally strong into Christmas and all the cheer of the season, it’s always a busy and fun time of year.
Stocks are setting up very well with lots of buy levels right now, BUT, we are quite overbought. Consequently, a few days of rest and consolidation is needed right now before we resume the uptrend into years end.
Metals continued to show weakness…with the exception of palladium, and they are not looking great at all.
Gold fell 2.51% this past week as the charts foretold last weekend. We’re now at the significant support area of $1,175 on this 2 1/2 year chart. Let’s see if we form a bottom here or not. To be sure gold has been under heavy pressure since the election - and it isn’t stopping yet.
I’m not ready to throw the towel in on this new phase of a gold bull market. However, I don’t have enough faith to be trading in it either yet.
Silver lost just 0.93% this past week and is also nearing critical support. The $16 area is showing as major support…and we’re very near there now. All we can do is wait and see how the action plays out, in order to see whether we get a base/low or whether we continue to crack lower.
Not great action at all since the election. This is historically the strongest time of year for precious metals, so if we can’t get going now, will we?
Platinum lost just 1.49% but looks set for a further drop in the week to come. This “h” pattern indicates a drop down to support around $850. However, major support sits at $900….so let’s see how the week goes.
Palladium continues to move in opposition to the other precious metals - and rose 2.07% this past week. Next resistance to trade-off is $800 with minor resistance coming in at $775. This is amazing strength from palladium, while other metals flounder.
I hope you’re enjoying your long weekend and are enjoying all the things we’ve got to be very, very thankful for. I hope you have an excellent weekend and you can find out more about my specific stock pics at http://wizzentrading.com/?page_id=7363
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 firstname.lastname@example.org 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”.