Markets Up And Metals Down As Charts Indicated

A great week for markets and stocks, which are breaking out well…but not on super heavy volume quite yet. Perhaps soon we will see volume really accelerate on this breakout, which we do need for this to really give us the next month of very strong action.

The metals continued to show weakness as their charts have suggested. And that weakness looks set to continue, so let’s check into where we can look for the next support areas.

Gold is breaking lower right on cue as it lost 1.99% this past week.

• now has some support at $1,170…and then below at $1,145.
• he trend remains lower for gold -- and there’s no indication that will change.

The monthly chart shows the 61% Fibonacci retracement level at $1,016, so I still do expect the $1,000 level to be tested at some point before we can really look to see a change in the dominant trend.

Silver fell 3.26% this past week -- and is still leading gold to the downside.

I really have to look to the monthly silver chart to find support down at $15 and then below at $8.  It will get worse before it gets better for silver no matter what the perma-bulls continue to tell you.

Platinum declined 4.01% and is looking for much lower prices as well. There isn’t really any major support until the $1,000 level now and as long as gold and silver continue to lead, platinum will follow.

Palladium dropped 1.80% for the week -- and will probably also continue to move lower and follow gold and silver.

On the monthly chart I really don’t see much support until the $600 level -- and that looks to be where we are headed in time.

So while metals remain under pressure, stocks and leading U.S. markets are moving very strongly -- and appear set for more upside for another month or so.

I’m taking advantage of this strength and picking as many winners as I can.

If we focus and have a bit of luck,  we will be able to make the years gains in very short order…at least that’s the plan if stocks continue to act as well as they have.

******** 

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 http://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.”