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Gold Buying By Chinese Has Dried Up

January 29, 2017

Stocks continued to show nice strength as we get deeper into earnings season. They just look, and act great! We have a healthy sized group of top callers every day, which is what we need. It’s when everybody says we will go higher that I’ll get worried.

As for the metals, the pre-Chinese New Year buying has dried up…and we are seeing weakness set in now. I’m not saying we will crash, but a nice couple months of building a bottom would be fine.

Gold lost just 1.37% this week but it’s pretty apparent that the pre-Chinese New Year buying is now done.

Support sits at $1,180, $1,160 and $1,120. Silver rose 0.61% on the week thanks to Friday’s impressive and counter-gold movement.

I don’t think silver will move higher here even with Friday’s strength, doubly so if gold continues to act poorly.

Platinum gained a pathetic 0.75% in the face of weakness this past week. Looks to me like platinum is going nowhere fast for the time being.

Palladium lost a hefty 6.32% this past week, but did have a strong Friday. The action is wide, loose and sloppy on this chart and that is not the type of action I like to trade.

That’s it for this very short letter as my laptop is about to die, I forgot my charger…and the ski slopes are calling!

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

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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]