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Gold Can't Glitter

NEW YORK (TheStreet) -- Volatility reigned supreme again last week, and many stocks look to have put lows in now, just as earnings season is really heating up. Lots of big companies are reporting in the weeks ahead and could move this market and stocks higher if earnings are good. At least I hope that's what happens.

We're still mostly in a cash position with a few trades here and there, but we should be able to pick up quite a few stocks this coming week with so many lows now in.

As for the precious metals, the situation isn't so great.

Gold tried to break out early in the week, but silver was having no part of it. This was a warning sign.

I certainly didn't think we'd be down nearly $30 in a day, but when a half a billion dollar block comes up for sale when markets are quite soft the only possible result is a good old gold smashing.

There are a lot of manipulation theories out there, and they may well be true. But they don't make me any money; reading the charts and interpreting the action does. Let's move right into the charts and see where we go from here -- and it's not up.

Gold (GLD) fell 1.81% for the week and is now set up to head lower. Soon $1,280 will be tested, and more likely $1,260.

We've just got to wait and see how gold reacts at those levels. But if $1,260 can't hold, then chances are we head to $1,180, and that most likely means a much deeper correction down the major support at $1,000.

It's been a tough go in this space for a while now, so I've been avoiding it.

Of note is that silver is now leading gold.

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