A great move for markets off lows after another very short correction and now we’re setting up for much higher prices once again.
We’ve got a few good stocks already and I’m looking for a few more and there are more and more who look ready to really move to the upside.
The real question remains of whether these stocks will let us hold them for a while once they breakout or if they will only run hard for a short time as we’ve seen recently.
I hope we can just buy right and sit tight but that has not been working great so we may just have to take quick but nice gains.
As for gold and silver, they are consolidating right at the top end of their ranges and do look set to move higher now.
The questions now are how far will they get and is this a major bottom or do the metals have further to move on the downside still.
Only time and action will give us those answers.
Gold gained 2.82% this past week and ended on a good note, breaking just above the $1,220 resistance level at the top of this range it has been stuck in for nearly two months.
Things take time to setup and 2 months is a good average time generally so we could be ready for some upside in gold.
Upside resistance still sits at $1,240 and $1,260 then $1,280 and $1,300.
Resistance is every $20 higher now so it won’t be an easy move.
I know a lot of people are still stuck in the gold trading mindset and you can do well trading gold but with resistance so tight overhead it may be a slow and hard move, if it can really get going at all.
I’m much more focused on easier money in strong leading stocks who are setting up nice patterns near all-time highs.
A stock at all-time highs tells me there is strong demand so I want it as well.
I really don’t care what business they are in as long as investors are buying into them.
I am in this game to make money and nothing else.
Silver gained a nice 4.66% but isn't quite as strong as gold, hence, gold is now leading.
Silver has a nice little descending channel that is ready to breakout and should take it back above $17.
Resistance above $17 is $17.50 then $18.
All of silvers potential upside is dependent on gold holding above $1,220.
Platinum rose 2.39% and looks ready to breakout higher now.
A break higher here should take platinum to the $1,300 level and that isn’t such a bad trade to consider taking.
I’d consider a starter position on a move above $1,235 and then add on a break above $1,250 and be looking to lock in gains at $1,300.
That said, the 100 day moving average at $1,275 has to be watched as well.
If platinum stalls or back away from that moving average with good volume then I’d be locking in gains there since the move to $1,300 would then look doubtful.
Again, any potential platinum gains depend on gold being able to hold above $1,220.
Palladium gained 1.09% this past week and is also looking ready to turn up as long as gold holds up.
A break above $820 should see a move to $880.
2015 is shaping up to be a great year as we get closer and closer to the blowoff top in this bull market.
If we play it right, the next couple or few years are going to be defined in terms of wealth building as the explosive years.
I fully plan to break all records in terms of gains and ride this bull until it bucks me.
It won’t be easy and it will take massive amounts of dedication and focus but if we can do it, we will be set for life, as they say.