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Palladium Prices Set to Shine; Gold to See More Declines

NEW YORK (TheStreet) -- We saw a strong week for markets and select stocks as bears backpedaled from their cries for a major downturn.

It still seems that we're in the early stage of a major bull market, and that any corrections should be relatively shallow, like the one we just saw.

We aren't going straight up, though, because markets always need to a breather from time to time.

We had that breather from March until two weeks ago. The correction was the right amount of time, and we are just emerging from it now.

We've had some really good gains the past couple of weeks, and a couple of stocks are breaking out from major, completed patterns, while there are many more stocks that are still completing bases.

It is looking like it will be a busy summer, but a good and profitable one.

As for the precious metals, gold and silver aren't yet even able to show me a dead cat bounce.

It is not looking good for the gold permabulls, but that is their problem.

If you can't adapt and change your views as things change, then there is no way you'll ever make money in the financial markets.

For all I know, the permabulls still believe the earth is square....

Let's move right to the charts.

Gold (GLD) gained 0.15% this past week. I think it's just resting before heading lower once again.

Some people are calling for a bottom already, but I don't see any sign of that at all.

All I see is a small bear flag building between $1,240 and $1,260.

If gold does break above $1,260, the next resistance level is $1,280, but I don't see that happening.

I see the next major move being down to lows at $1,180.

I've talked about my view that the $1,000 area will be tested again this year, and that view did not change this past week.

In the gold market, we need to really see the capitulation that so often marks lows, and we have not come close to that yet.

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