Moving Precious Metals

This week we saw markets run into resistance…as they are more overbought now than we’ve been since 2009.  However, we just aren’t yet seeing any weakness that we can short into.

I had to take losses on all my short positions first thing this past week. Fortunately, it was the right choice as losses were pretty small…which would have grown had I held. It’s fine and dandy to be wrong…but it’s not fine to stay wrong.

Precious metals did well with gold breaking the upside of the triangle.  And now is looking more and more like the major low may be in place. However, I’m still not 100% certain of this.

Gold gained 3.05% this past week and acted well. However, I didn’t see much volume in this breakout.

Friday did see some weakness on very heavy volume.  Therefore, this is suggest a breakout may not work. However, the other metals are strong…so I’m just not sure.

Let’s see how the week plays out. It looks like gold needs some more time to consolidate in order to build a base.

Silver gained a solid 5.92%, which seems to be confirming gold’s strength. Admittingly, it’s hard to be confident with weakness on such heavy volume in the gold price Friday.  $16 is overhead resistance now.

It’s a bit of an unclear picture now with gold acting a bit weak, while silver is strong and trying to confirm the gold move higher.

Platinum made a great move Friday -- and ended the week up a huge 7.11%.  Now this is the type of breakout I prefer to buy on.

A great breakout above the $960 level on huge volume suggests this move is for real. $1,020 is the next resistance area to watch. Moreover, it shouldn’t take long to get there with so many buyers coming into platinum now.

Palladium gained a massive 13.56% this week -- and is looking good to go higher.  $575 is the next resistance area to watch – as it is a major area when looking at a longer-term chart.

In general, precious metals are shaping up well. However, gold is acting a bit strange.

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