Gold’s Cup & Handle Pattern Shakedown

Another solid week for stocks and the positions we bought off the Brexit vote.

Summer continues to be great in general after buying stocks right and sitting tight. The weather, music, family, friends and fun factor is also at an all-time high!

We are getting a price dip in the miners and metals. Buying the dips is the right strategy in a bull market. Consequently, we should be able to add a few miners to the portfolio in the coming days.

Gold lost just 0.99% this past week…but technically has broken the beautiful Cup&Handle pattern.

Charts are painted to shake those not in the know out of their positions. As long as we hold the 21-day moving average, we can salvage this very powerful Cup&Handle pattern in my view.

The $1,380 area remains the breakout buy level, while a dip buy at the 21-day average could be used as a starter position.

Silver lost 2.60% this past week as it continues to move in  larger range than gold on both the upside and the downside. And although that is a blessing and a curse, in the end it will be a blessing.

This Cup&Handle pattern is also broken here…but it may just be a shakeout. Silver did close the week out Friday under the 21-day moving average. However, if we move back above it soon, then silver should be strong. Support sits below at $19.50 and then at $18.

Platinum continues to act beautifully and gained 0.08% this past week. Platinum has a very nice bull flag that is holding even in the face of potential gold and silver weakness. In the months ahead, $1,370 remains the major resistance area to watch.

Palladium fell 1.90% this past week - and could move a bit lower before resuming the move higher. After an amazing run, it looks like palladium is ready for a rest. Nonetheless, we may see a move down to the $680 support area where we should see some sort of base forming. Subsequently, we could then resume a move higher in September.

What an amazing sustained uptrend palladium gave us. Nonetheless, they never last too long…and this one looks to have run its course.

********

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.

If you found this information useful, or informative please pass it on to your friends or family.

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.”