The 200-day moving average at the $1,290 area is key and must hold or we will be looking for lows at $1,180 to be tested and if they can't hold then $1,000 is back on the table.

We still have not seen the so called blood in the streets moment for this large correction in gold.

I would really like to see some genuine panic, not the orderly selling we've seen in this correction to date.

Silver lost 2.83 last week and was wild right alongside gold. It looks ready to break lower now and should soon be back testing $19.75

I know a lot of you were excited about the recent action in gold and silver but I'd taper that excitement and be careful.

Platinum dropped 1.68% for the week and is now back to the strong pivot area at $1,490. That price posed large overhead resistance for platinum since March and we just finally broke out above that level.

It looks like we are seeing a false breakout now and we will move back under $1,490 as gold should continue to weaken. Platinum follows gold.

Palladium was solid and held onto gains of 0.81% for the week. Palladium had a great breakout Thursday and is so far holding it but if gold does continue to weaken then expect palladium to move lower as well back towards $840.

Enjoy this great summer weekend.

Warren Bevan

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

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

If you liked this article you might like

Will Gold, Silver, Precious Metals Melt Lower for the Foreseable Future?

Stocks Dip as Apple Gains, Tag-Along GT Advanced Tech Takes Hit

Rollin’, Rollin’, Rollin, Precious Metals Just Keep Rollin’ Over

More Consolidation Is Fine But Hard to Sit Through

S&P 500's Bull Flag Breakout Failure Doesn't Spell Disaster Yet