Waiting On The Fed But All Signs Point To Lower

Markets continue to chop around…and setup for a move lower.  With the Fed meeting in the week ahead, we should see some fireworks late Wednesday and into the end of the week.

It would be ideal if they raised rates…and we saw a spike lower to put in a low before we begin to move back up and form the right side of these chart patterns…before we see breakouts later in the fall.

As for precious metals, they are now breaking lower as the charts suggested…as I mentioned here last weekend.  Therefore, let’s take a look at where we may find support next.

Gold lost 1.28% this past week as it is breaking the sharp Head and Shoulders pattern I’ve shown here for the past two weeks. Support at $1,100 is holding for now. However, the measured move of this Head and Shoulders break points to a move to $1,080 where more substantial support sits.

There is some minor support at $1,090…but it shouldn’t pose much trouble for you shorts out there.

We remain on track for a major break to put in a major low at the $1,000 area later this year.

I haven’t heard from the haters and perma-bulls in a while now -- and I don’t see any reason for this to change.

We need to put in a major low…which has not yet materialized.

Silver gained 0.24% this past week -- and is still trying to breakdown.

Silver has a Head and Shoulders here with a $14.50 the neckline/short level --- which implies a move to $13.

Silver had a strong comeback last Friday after a strong move lower…but it doesn’t look like it will last. We are still on track for a major move lower around $10 later this year -- and the dominant trend obviously remains lower.

Platinum lost 2.18% this past week and is also breaking down now.

Platinum also has a bit of a Head and Shoulders now -- and is breaking down. This suggests a move down to $900 very shortly.

Not much else to say as we continue to trend lower for now. But things will change once gold hits major support in the months ahead.

Palladium gained 3.19% over the past week -- but will drop as the other metals do in the days ahead.

This small wedge suggests a break lower -- and $575 is the short level if you are so inclined.

Generally, the metals are looking to head lower as well as stocks. Consequently, I remain in a cash position.

I did do some day-trades and made out well last week…and I did post those for free on Twitter so please be sure to follow me @iTradez and also subscribe at www.wizzentrading.com for more specific stock information on a daily basis.

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