Weekend Trading Conclusion
In short, gold and silver remain in a sideways/down trend on the daily chart. The weekly long term outlook is very bullish and once I start to see real buyers enter the market in terms of volume and price patterns I will start to accumulate a long position.
The stock market overall remains in an uptrend. We are waiting for a pause or pullback before getting long the index. But that being said there are other sectors and commodities starting to look ripe for big moves. They are not there yet but getting closer each day.
Keep in mind that stocks, commodities and trading in general go in waves. There are times when you are busy with trades popping up left right and center and there are times when setups just do not happen. On my free stock charts watch list in November and December I posted 16 stocks and ETF setups and only one stock went south which happened to be a short trade (count trend trade). You can view my watch list
Crude oil is giving mixed signals and I am avoiding it until the daily chart gives us a bullish setup.
Natural gas weekly chart looks bullish but the current price is now trading at resistance. It must break this level before a full reversal can be confirmed.
At the time of publication the author held no positions in any of the stocks mentioned.
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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.