A great week for markets and leading stocks who are set to breakout higher and finish off 2015 strongly anytime now.
There is easy money out there, just not in the metals who continue to be battered as we near the major support areas I’ve taken so much flak for talking about, but I’ve been right so the flak has diminished considerably.
I have no problem admitting when I’m wrong, unlike the trolls who hide on the internet.
We are still on track to see major support areas tested in 2015 for gold and silver and then we may slowly begin to see the dominant downtrend end.
Gold lost 1.91% and cracked the consolidation channel Friday, although it did so on low volume so the conviction isn’t there, yet.
We still look set to test the $1,000 level where major support sits that I’ve talked about for years now.
We’re on track to put in a major low to close out 2015 which I’ve also talked about since at least the early spring.
Silver fell 0.53% but is holding the small consolidation channel, for now.
Silver will either follow gold lower right away or the gold breakdown will be shown to be false and gold will move back into the consolidation channel, but the dominant trend remains down and in all likelihood will until major lows at the $10 area are hit, and hold.
Platinum is also holding well but did lose 2.40% for the holiday shortened week.
The trend remains down and that’s that.
Platinum has formed a down sloping channel which we should see steepen and accelerate the move lower shortly.
Palladium lost 2.38% this past week but is still consolidating before most likely moving lower.
This channel is holding well, even though palladium tried to break higher Friday.
False breakouts are signs of weakness in the best of times and doubly so in a well established downtrend.