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

NEW YORK (TheStreet) -- Weakness dominated markets this past week, and many stocks followed.

The summer of consolidation continues, with some weakness thrown in for good measure. I still don't think this correction will be very deep. Rather, it will just put in the low of this base that is forming and is set to complete in early fall before we breakout and run into the end of the year.

Read More: Retrophin CEO Under Fire for Twitter Faux Pas

We will make our money this year, we just have to wait for the proper setups.

Gold had a strong week while silver didn't. I talked about silver taking the lead between gold and silver and I still think that is the case.

I don't think this recent strength in gold will last since it is on news and silver is not following at all. As always, I can be wrong, but I'm right more often than not and I think I will soon be proven right in this case as well.

Let's move right into the charts and see what I'm seeing in the precious metals this week before I dive into  more charts of specific stocks and markets.

Read More: European, Asian Stocks Shrug Off Gloom

Gold rose 1.22% this past week on news and not much else. We've seen some awesome moves higher recently, which also was news driven and it didn't take long for those to fail and I'm expecting the same for gold in the days ahead.

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