Stocks continue to look and act great with leading stocks leading, as they do, so they are mostly the ones I’m focused on.
Markets have a few hurdles overhead so we are not into clear breakout territory yet but we are getting closer.
From my seat, we are still in a strong bull market.
The metals are finding some support but the dominant trend remains lower quite obviously.
Gold lost 0.62% this past week after bouncing off $1,060.
Gold looks to be setting up a trading range between $1,060 and $1,080 now which should take us lower in the next week or so.
The move above $1,080 Thursday couldn’t hold so the major trend is asserting itself.
I know many people got excited on the move above the very significant pivot level of $1,080 but that was short-lived.
It remains much easier on the head to trade leading stocks, so that’s what I do.
Silver lost 0.60% this past week and is also setting up a trading range before most likely moving lower still.
The range trade looks to be between $14 and $14.25 but $14.50 may be the upside of the range, I am just not sure yet.
The trade, if you choose to accept it, remains shorting on strength.
Platinum lost 0.66% this past week and is consolidating after a large drop the week prior.
Platinum really needs some consolidation and is getting it now.
The low end of this new range is $850 and so far the upper end is $875 but that may be stretched to $900.
Palladium gained a nice 4.06% this past week after losing 13% the week prior.
This stair stepping two steps backwards, one step forward is perfectly healthy, in a bear market.
Palladium is also setting up a range trade now with support at $520 and resistance coming in at $560, and potentially even $600.
All in all, great action in the metals, for shorts, and great action in stocks, for longs.
I hope you have a very enjoyable weekend and are on the right side of things in the market, and in life.