Metals plumb new lows while stocks rock
Markets and leading stocks had a great week, not necessarily moving higher, but setting up to do so very soon.
We can’t move up in a straight line and backing and filling, or resting action, is what we need for this bull market to remain healthy and strong.
From my chair, I think we’ve entered another buy the dip market just now, so I am holding strong my good positions and looking to buy dips, so if you’ve missed the moves thus far, many stocks are giving you a second chance.
Last weekend I mentioned the metals were showing failed breakouts, which is never good, and often leads to a breakdown, and that is what we saw in the metals this week so let’s see where support lies now.
Gold lost 4.62% this past week in straight down action on solid volume.
We are now near important support at $1,080 once again and we remain on track to hit a major, and lasting low at the $1,000 area that I’ve been talking about now for a very long time.
The dominant trend remains down and we should end 2015 with that low in place.
That is not saying we will begin to rocket higher immediately, rather the low will hit and then begin to build out the chart into a pattern which can be bought in time.
I know there were a lot of people talking that the low was in place, once again, but they have been wrong over and over and over again since 2010 so perhaps it’s time look for better advice, perhaps someone who has been right over and over and over again!
They will be right again, but not until a major low at the $1,000 area is hit and holds and builds out the chart.
All in all, great action from gold who does need to go lower before it can go higher.
Silver lost a hefty 5.12% this past week and is also moving lower, towards the major low area at $10 that needs to be hit.
Greta action all in all on heavier volume which says lower we continue.
Support site at $14.50, $14.25 then $14 with $10 still the major area I’d like to see hit before the dominate trend has any real chance of changing back to up.
Platinum lost 4.46% this past week as it follows gold and silver lower as always.
$950 support couldn’t hold for more than a few days and now we’re well on our way to support at the $900 level.
$885 is a major support zone and below that $750 is where we are likely to see a major low put in place before we can begin to look for a trend change.
Palladium fell 8.05% this past week but it did bounce well off support Friday.
Palladium will continue to follow gold and silver and their trends remain down.
Support sits at $600, $575 and then $525.
Below that we look to $480 and the $390 for a major low area in all likelihood.
All in all, markets and stocks rock, while metals still need to move lower.
I’ve had the same tune in regards to markets and stocks since late winter and it has played out perfectly allowing myself and subscribers to take the summer mostly off, and then come back in October and now we are heavy into stocks and are looking for a spectacular end to this year and winter.
We are well on track to have a great 2015, but we waited for the trades to come to us.
Had we not been patient all summer, we would have been chopped up and when the trades did come to us, we’d have far less capital to use, making profits much smaller.
Also, our mental capital would have been eroded making it that much harder to trade at the right time with confidence.
I know many in the gold camp are struggling with confidence at the moment but it’s never to late to change and learn to do the right thing at the right time.
Markets will do what they want on their own schedules so learning to go with the flow is very important.
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.
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”.
Image of rock star by Zezee Raj