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Base Building in Precious Metals

NEW YORK (TheStreet) -- A wild, wild week for major U.S. markets and many leading stocks.  After a hard fall, we saw a bottom late on April 7, and we were lucky enough to buy several leading fast movers late on that day. We saw them rise sharply into Thursday; we didn't nail the top and gave back some profits. But, all in all, we had a great week.

If all goes well this week, we may see another low come in late Monday. We might get a couple of days or a few days of sharp higher moves once more.

This remains a cash market, except for some short-term trades.

My focus is to find the fastest-moving stocks that have fallen hard recently, since they will have the largest and quickest bounces.

There is large money to be made here, but you've got to be quick and not overstay your welcome.

Had we held our trades past an hour or so into Thursday, we'd have given back all our gains and then some.

You really can't ever argue with the market, and doubly so when it's as volatile as it is these days.

The precious metals didn't do much on the week, with the exception of palladium.  Let's take a look at the charts and see what needs to take place to get gold and silver moving higher.

Gold (GLD) rose 1.24% for the week and is at small resistance now at $1,320, as I said would happen.

It's a tad early to say this, but we could be about halfway through setting up a cup-and-handle pattern.

If we move up to the $1,360 area and then build a handle, we will have an excellent trade setup.

Until then, I'm not going to touch gold.

Half of this game is waiting for the right time to enter trades.

Patience pays.

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