Gold Price Trend Remains Up

What a great market week we saw this past week, until Friday where we saw some flash crashes in stocks, but mostly those which populate the NASDAQ. The crash was just that, a flash crash where stocks came back quickly…but still ended the week on a very weak note.

We saw the same type of action just a month ago - and it only last one day before strong action resumed when it took us back into new high ground quickly. I guess we’ve got to expect the same type of action this time as well.

Nonetheless, I did do quite a bit of selling to lock in some gains and a few losses. In any case I’ll be looking to reload promptly if indeed this is just a one day wonder once again.

The metals did great this past week…and although we closed the week on a weaker note, we still look set to continue the uptrend.

Gold actually closed the week down, off just 0.69%. It would have been nice to see gold continue to power through $1,300 right away. However, a little consolidation is better for a prolonged move higher going forward.

Gold looks like we’re forming a Cup & Handle pattern now. But as long as we remain above the $1,270 area on a closing basis, the trend is up.

Silver lost 1.72% but is holding the uptrend line. As long as we remain above $17.25, silver should be fine. I’d consider a range trade here between $17.25 and $17.50 as fine. However, we should see $17.75 bested within a week as we continue to $18.50.

Platinum fell 1.37% this past week as it sets up for a break above $970. After $970, resistance comes in at $990 then $1,020. As long as platinum remains above $930 it should continue higher.

Palladium was on fire and gained 2.66% even after giving back some gains Friday. Looks like palladium will continue higher as it did not come back to close the week under this most recent breakout level. It’s also got a nice 2-day reversal pattern which points to higher. Understandably, a quick run up of $100 surely needs a little consolidation.

So, let’s see how Monday goes, it should be very interesting and telling. It should tell us whether we’re in for more consolidation or even correction…or if this was just a one day mini-flash crash once again.

********

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”.