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Gold Isn't Out of the Woods Yet Despite Thursday's Strong Rally

Silver exploded higher as well and ended the week 6.1% higher. It was a super move with huge volume.

The $20 level was a key for silver, and it sliced right through it.

Let's see whether it holds. A move to more than $21.25 looks to be the next buy point after a little consolidation.

Such a huge fast move has to be digested with a few days of sideways action.

Platinum gained 1.5% on the week but isn't showing the strength we saw in gold and silver yet.

Platinum has been vacillating around the moving average cluster near $1,150 for months now.

A breakout to more than $1,480 could be bought with a starter position using tight stops, but we really need to break free of the shackles that $1,490 holds to really get moving, and on higher volume.

Palladium wasn't as strong and only gained 0.98% for the week.

It has a bear flag now and should soon break to less than $815, toward $790.

That said, if gold rips higher, palladium should follow.

A couple of weeks ago palladium looked ripe for a move to new all-time highs, but it reversed on heavy volume.

I prefer to see these four precious metals moving in tandem, but they are a bit mixed here for the moment and it is something to be aware of.

Thank you very much for reading. You can find out more about what I do for my subscribers by going to my Web site,

At the time of publication, Bevan had no positions in stocks, ETFs or commodities mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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