first majestic silver

200-Day Moving Averages Prove To Be Key Levels

February 18, 2017

Another great week for stocks.

It’s long weekend time with markets closed Monday and the trend higher nicely intact.

The metals are looking better and better and moving higher very well.

To be sure mining stocks are a bit mixed. However, they may well give us some strong moves early in 2017, as they did in the first half of 2016. Time will tell.  It should be noted that miners and stocks in just about every sector are doing fine and set to continue so stay with the trend.

Gold gained just 0.26% this week and is looking better and better. The $1,220 area held well - and now gold is breaking out of its little bull flag area. Nonetheless, the 200-dma around $1,260 should pose some resistance.

Although we may need another couple or few weeks to setup for the move up to $1,300 resistance, gold is looking good.

Silver did slightly better than gold, gaining 0.54% -- and is already trying to move past the 200-day moving average area.

Silver looks great for this move to take it up to $19 over the next month or so.

Platinum slid 0.56% but is setting up to continue higher. The 200-day moving average is a theme this week, which is always is a critical level when price is either above, or below.

A highly likely move above $1,020 should take platinum up to resistance at $1,080.

Palladium was also on the losing side this past week falling 0.50%...but still looks good for a move out of this large triangle, higher. I see the $850 level as resistance or a target above, along with all-time highs at $913.

In general all is good this long weekend.

Enjoy the good times while we have them.

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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 [email protected]


One cubic foot of gold weighs more than half a ton (1,306 pounds).
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