first majestic silver

Precious Metals Looking For Some Support

May 6, 2017

Markets continue to show some mixed action with Nasdaq leading on the back of not too many stocks making big moves. The S&P500 looks great with a cup and handle pattern…as stocks are starting to come around after a nice rest to complete new buy patterns.

Unfortunately, precious metals demonstrated considerable weakness this past week, per the following  where we can look for support to kick in.

Gold lost a hefty 3.26% this week…but good news may be here. The major pivot area of $1,220 is here and should provide some support. $1,220 dates back to 2008 so remains a major area.

Who knows how gold will react to the second round of French Elections this weekend. Consequently, let’s wait and see.

Silver was slashed by 5.72% on the week. We’ve got some support at $16.25. However, if this fails then $15.75 is most likely in the cards in short order. I didn’t expect this kind of drop in silver. Nonetheless, it’s very oversold so should soon find a low.

Platinum lost 4.06% by the time it was all said and done this past week. Not great action to be sure, but platinum is holding and moving off the $890 support area on heavy volume.

Palladium held up pretty well losing only 1.65% this past week. After a failed breakout we saw palladium move back to test the rising support line near $788…and it now looks set to give a break above $820 another shot.

To be sure stocks are perking up, while precious metals and miners have been dogs, they should see lows as in already, or very near.

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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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