first majestic silver

Precious Metals Have No Power

March 5, 2017

Another great week for stock markets as this bull market continues to act great. Moreover, we should have another couple years before a major top is in place…but perhaps even longer if infrastructure, regional jobs and Made In America really gets rolling.

As for the precious metals, they looked great last weekend. However, I did mention the warning the miners flashed with weakness, but that it didn’t look to be playing out.

I was wrong…and the miners showed weakness again early this past week. Furthermore, the metals followed and are looking for more downside. Can’t always be right!

Gold lost 2.53% and is set to continue lower still. The 200-day moving average proved to be strong resistance…and gold unfortunately also broke its uptrend line. Not looking great at all on this chart.

We have support at $1,220…but I think the more significant and longstanding pivot level at $1,180 will once again come into play. Weakness to come is the message.

Silver dropped 3.62% and moved back under the 200-day moving average, which is never great. I’m looking at support levels of $17.25 then $16.75 to be tested in this correction.

Platinum slid 3.36% after being rejected from the attempted breakout above $1,020. Pretty weak action that should take platinum down to test the $940 support level over the next couple of weeks.

Palladium fell only 0.68% this past week but does look set for a deeper correction right away. I’m looking to the $730 area as the most likely support level to be tested.

To be sure stocks remain great with some rotation being seen back into the explosive biotech sector, while metals are floundering.

Enjoy the week ahead and make the best of this strong market we continue to enjoy.

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 [email protected] 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.

Free Service

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.”

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]


10 karat gold is 41.7% pure gold.
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook