Friday saw weakness on strong volume and silver didn't even try to pretend to move higher along with gold. Gold has resistance at $1,330 and is backing away from there now.
There is moving average and chart support back at $1,290 so until we break either way I can't say much other than I do not think this long correction in gold is near the end yet.
Silver fell 1.94% and showed no signs of life at all. I'd love to say gold is going higher but with silver taking the lead recently and showing no sign of moving higher I can't.
It's not my fault or doing, just the reality of the situation. The downtrend line in silver is now at horizontal chart support and the 200 day moving average at $20.25 so that will be very tough resistance.
For now $19.75 is holding as support but if gold continues to reverse, silver will break towards the next major support level at $19.25.
Platinum gained a 0.84% this past week and is trying to break the downtrend line. A nice break of the downtrend line Thursday was followed by lots of giveback Friday.
Our old resistance pal at $1,490 is back in control and that is the line in the sand. It all depends what gold does but for now $1,490 is resistance while the 100 day moving average at $1,460 is support.
Palladium dropped only 0.68% for the week but has confirmed the double top I talked about last weekend in my weekend letter. Now palladium is setting up a bear flag which will take it to $820 by the end of the week ahead most likely.
All in all, we saw platinum and gold try to move higher but palladium and silver remain weak. It always makes it harder when the four precious metals are so mixed but my bet is we see lower prices, although, I have no trading positions in the precious metals at the moment.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.