-- Posted Monday, 3 December 2012 | | Source: GoldSeek.com
What an absolutely fantastic week in the markets and many leading stocks.
Everything is playing out according to plan/the charts. I’d expected a low to be put in and it was on November 16th and we’ve seen some truly spectacular, huge, fast moves off the lows.
I’d
expected a rally into the end of the year as it’s generally a good time
to be in the markets and it’s playing out right on schedule. Now
we’re seeing a little pause here for a few days or perhaps a week
before we continue to move higher and we’ll be there as always to try
and capture some of the gains.
The fiscal cliff rhetoric continues to dominate the news but it’s all bunk really. The US doesn’t have a budget, nor do they spend within their means so what will be different this time.
Wait, I know. This time we’ve got a fancy name to call default!
The so called “fiscal cliff”.
One thing will happen here and it’s the same thing that has occurred over and over again, more money will be printed.
Everyday
there is some nonsensical speech by politicians talking about the
fiscal cliff and it usually moves markets and stocks lower quickly and
for a brief time. The markets know it’s all talk and are very strong right now so these dips are to be bought until they stop working.
Let’s
check out the precious metals charts whom are a bit mixed at the moment
but for more detailed daily updates on these and many other fast moving
stocks and the general markets please join my awesome group of subscribers who are killing it along with me!
Metals review
Gold fell 1.97% for the week and broke it’s rising wedge pattern which is most times a bearish pattern.
It looks like we’re going to see gold fall further from here to at least the $1,700 level. We could easily test the 200 day moving average down at $1,665.
Gold remains a great long term hold in terms of the physical product and I’m fine with that. I
prefer not to trade it as there are many better faster moving stocks to
trade and they behave much better making it much easier to make money.
For now I remain negative on gold but that would change on a move back above the 50 day moving average at $1,740.
Silver fell 1.35% this past week and is in much better shape than gold here which is kind of odd.
Silver
is holding strongly within it’s uptrend channel and has the look of
setting up a cup and handle pattern in the next couple weeks if all goes
well.
I’d love to see that and it may be one of the rare occasions that I take a trade in silver.
Let’s
see how the action goes but I only update these charts here for free
weekly so to be Johnny on the spot which is so important, join me for my daily updates.
Platinum fell only 0.94% this past week and looks great for higher prices anytime now.
A break out of this little consolidation area here above $1,625 is the buy point if you’re into trading this or the PPLT ETF.
I’d
be looking at $1,675 as a resistance level and perhaps take some off if
it’s not acting well but if it acts well we could easily see a move to
recent highs near $1,725, a $100 point move.
Palladium rose a sweet 3.16% this past week and looks great for more upside here to recent highs above $700.
I’d not be chasing this here though as the proper buy point was well below here at the trend-line break at $620. If you took that trade it’s definitely time to begin to lock in these very nice quick gains.
This type of fast large move could soon be seen in platinum.
I’ll end this here as it’s been a very long week with nearly 100 pages going out to subscribers for the week. Subscribers
have to be my focus, especially in times like these and I’ll be putting
in a lot of work on their behalf over the weekend.
When
things are slow my daily updates are pretty short but when things are
good they can be quite long, even over 30 pages a day.
I don’t see the point in trying to squeeze out little trades all the time so I don’t. I wait for the big moves to develop and then focus hard and go hard. Now is the time to go hard!
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