Precious Metals Looking For Some Support

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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