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

Mixed Metal Moves Mean We'll Make Money When Proper Setups Arrive

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.

You can find out more about what I do for members as we focus on leading stocks for the most part at
2 of 2

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
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs