This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Precious Metals Are as Choppy as the Karate Kid

Gold did try to break out, but failed, along with so many other stocks and markets. It's just not ready to go, and you must cut your positions quickly on a failed breakout or pay the fine for being stubborn.

For now we are stuck between moving averages at $1,320 and $1,280. That nice $40 range can be traded if you are quick and a break either way should be the new trend.

The good news is the longer we hold this area, the stronger support it will be.

We've really been building out a long flat base since last June, when we hit $1,179 for the first time. This nice long base may not be sexy, but it should lead to a breakout higher one of these weeks.

Until we do see a major breakout there is no real point in trading gold unless you have a short time frame and can be quick. That said, you've had a long time to accumulate physical gold and that still seems to be a good idea for now.

Silver (SLV) lost 1.79% and remains near crucial support at $19.

We've been here at support a long time and it has held so far.

Silver tried to break out early in the week but was quickly shot down. It's really hard to get excited about silver until we can clear $20.25, then $24, but the real trend change would be a move back above $28.

It will take quite some more time.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GLD $123.65 0.00%
SLV $16.98 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs