first majestic silver

The Metals’ Mixed Messages

February 5, 2017

A great week for stocks. However, precious metals continue to show some mixed strength and weakness, but the week ahead should tell us if a low is in fact materialized, or if more basing is needed.

Gold gained 2.73% as we moved through the first week of Chinese New Year. Not bad action at all but gold still can’t get and stay above $1,220. A move above said level would be positive but I see the more likely scenario to play out being a chop between $1,160 and $1,220 until May or so. Time will tell.

Silver continues to try to lead gold higher as it gained 2% this past week. Seeing silver hold above $17.25 is positive. To be sure I also need to see gold above its recent level high $1,220, which will prompt me to vocalize the start of a new up-trending metals market.

Let’s see if gold can get in gear in the week to come…or if silver fails this attempt to trend.

Platinum rose 2.38% last week…but still cannot move above the resistance of $1,015 where the 200-day moving average coincidentally sits.

Funny how select moving averages are such magnets, or is it!

Palladium gained 1.41% this past week…but is struggling to move above its personal level of defiance, i.e. $770. Palladium isn’t anything special here -- and will probably follow the pace set by gold and silver if they can ever decide which way they will travel.

I hope you have an excellent weekend. Moreover, you can find out more about my specific stock picks at http://wizzentrading.com/?page_id=7363

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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]


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