Precious Metals: Living on the Edge
NEW YORK (TheStreet) -- Markets remain strong and set up for a breakout, while stocks are still lagging. Many stocks are now starting to set up nice buy levels, so we will see more and more buy points finally come to us in the weeks ahead.
It's been a long slog waiting for bases to form, but we are now getting there.
As for the precious metals, they remain on the edge and I'm not sure which way they'll go. From what I see, it seems to be up to silver whether we rise or fall from here.
Let's get right to the charts.Gold (GLD) slid only 0.22% for the past week, and looks to want to resolve this triangle higher. I really need to see $1,300 bested, as it is major trend-line resistance. The 21-day and 200-day moving averages sit there as well. This chart does look good to me, with $1,320 being the next small resistance level to worry about.
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