Consolidating Stocks And Mixed Metals

Last week was pretty quiet in the end with consolidation now taking place in many stocks and the leading indexes. A few weeks or more of rest would be the best case scenario for stocks at the moment -- and so far that looks to be how things are playing out.

The metals tried to move higher…but couldn’t get going -- and gold is looking to roll lower now after silver could not take it higher.

Gold closed the week out losing just 0.17% -- and is still holding in the triangle pattern. I don’t like the fact that gold closed the week below the 21 and 50-day moving averages. However, it’s still holding above the $1,225 lower support level of the triangle.

A break below $1,225 is a short level -- and should take us to the major support area at $1,180. On the other hand, if support holds…and we move higher, then the breakout level is $1,260.

Silver gained a hefty 4.77% last week…but is acting pretty sloppy right now. Moreover, with gold not breaking higher as well, we may see a retracement to the $16.40 area. Resistance overhead remains at $18.50…but there is very heavy volume that comes in to keep both silver and gold from moving higher . Therefore, if the big money doesn’t want the metals to rise…then they won’t.

All the manipulation and also trading talk really doesn’t matter. I will never win betting against the big boys…so I always try to be on their side of the trade.

Platinum gained 2.45% this past week. Let’s see if the $1,000 support level can hold or not. In any case,  platinum will follow gold and silver as always.

Palladium soared higher by 6.04% this past week, but is having trouble getting past the $610 resistance area. Some chop between $580 and $610 would be acceptable with a break above or below those levels buy or short points.

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