Friday saw stocks weak, but not breaking down. With the next presidential debate slated for Sunday, we may well see a repeat of nice strength to follow it, as we saw after the first debate.
As for the metals, gold and silver are testing their respective 200 day moving averages, which often mark exceptional buy areas in an up-trending market, which we are in the very early stages of now.
Gold was slammed all week long as China was on holidays and ended the week down 4.95%.
There isn’t much else to say other than this area is a major buy level, if we hold and begin to move higher.
The first up day would be the buy.
Silver fell a hefty 9.55%
The 200 day moving average is holding much better in silver so far and it should be a major, most excellent buy level right here.
Platinum slid 6.95% and moved well under the 200 day average like a hot knife through butter.
This $960 area is strong support and if gold and silver do indeed turn back up, then platinum will follow.
Palladium dropped 7.50% but has some solid support at $660.
All in all, stocks still seem fine with potential for a very strong Monday and Tuesday ahead, while metals are at strong support levels
In bull markets, buying dips is a great strategy and a dip to the 200 day average doesn’t come around everyday and is often the best dip buy area.