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, wizzentrading.com. 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. Here's What We Think We Know About the Next iPhone The Truth About Rental Cars and Insurance
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