Stock Markets And Precious Metals Want To Go Lower

We saw volatility return this week as we moved into the long weekend. Consequently, I and my subscribers booked our gains early in the week and took a couple small losses as well.  Therefore,  I’m back to all cash once again.

I took off on the motorcycle for a few days and toured the beautiful Gaspe Peninsula in Quebec, while there is still no snow on the ground and with markets so weak. I work hard all winter and most of the summer…so when things give me no reason to be involved, I do like to take off and enjoy life. Life is much more than work -- and this type of work allows me to do these types of things on a whim.

September is historically a weak period. Nonetheless, we may see some strength begin to return around mid-October.  Therefore, we may not see much for a little while yet until fall really takes hold.

That general weakness may also afford me another trip!

As for the metals, the gold price  is beginning to roll below the small and sharp Head & Shoulders pattern I talked about here last weekend.  So I’m expecting for weakness in the metals in the week ahead.

Gold lost 0.91% for the week and is starting to break the neckline at the $1,125 area now, which has a price target break to the support level down at $1,080 area.  However, there is also support at $1,100 as well as $1,090…so locking in some gains at those levels may be prudent as well (if you are short).

Generally, gold remains on track…and is set up well to put in a major low by years-end down at the $1,000 area.

Silver peice lost 0.21% on the week -- and now has a well-defined (inverted) bear flag in place.

$15 is acting as a resistance level and is pushing silver lower. A break below $14.50 is the short level and while we’ve seen gold and silver diverging a bit the last two weeks, we should now see them move in tandem, lower.

The $10 area for silver remains on target and the dominant trend remains lower.

Platinum dropped 2.50% over the last week and is also looking for a move lower now. There is a small Head & Shoulders here as well…and the $1,000 level neckline is now being broken. This move targets $960, which coincides with recent support.

Palladium lost 1.83% this past week -- and will have no choice but to follow gold and silver lower in the week ahead if they indeed do drop. Support sits below at $525 now.

Generally, stock markets are now looking to fall lower as well as precious metals.  Therefore, be careful in your trading

********

If you’ve been hurt, consider my help at www.wizzentrading.com -- and I’ll help keep you safe and in cash when markets are not for trading -- and I”ll have you focused on the best stocks and buy levels when things are good.

Thank you very much for reading and you can find out more about what I do for members as we focus on leading stocks for the most part at http://wizzentrading.com

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”.