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All in all it was a pretty tame week in terms of
market action along with the precious metals. This is the type of action that
the computers love. They can chop a trader up so quickly they didn't even
notice.
It’s
best to avoid these choppy times by either trading quickly with small
positions or just staying in cash.
The
same was true with gold and silver with hard fast moves coming out of nowhere
but not at all trending. As a result there isn’t much to say today but
let’s look at the charts to see where the areas are that we will emerge
from these range trades.
 
Gold
was pretty flat for the week rising only 0.34% and staying put inside of this
triangle pattern which is getting closer to an end now. We should see a move
out of this triangle during this upcoming week.
Whether
that move is higher or lower I can’t say but I
did voice my view that we have seen the low for gold in 2013 already. Time
will tell.
With
a range as we’ve got today there really isn’t anything to say
about gold with buy and sell points easily spotted on a move above or below
this triangle for those of you who like to trade gold.
Until
then this, along with most other stocks and markets are an
avoid.
Silver
rose 0.59% for the week and also remained rangebound
and an avoid in terms of trading.
Even
if you’re one of the many who contact me in terms of buying physical
silver I’d rather wait and see if it moves up, or lower from here.
I’d
personally gladly buy some metal on a move back above the $31 resistance
level and be more assured of a low being in instead of buying here with the
potential of a move lower which could save you a few bucks per ounce.
Platinum moved strongly and quickly this week. While
I’d thought we may remain in the large triangle for a little while we
ended up breaking out above it in a huge move of 3.99% on the week.
As
long long as platinum remains above the breakout
level at $1,615 then we should be on the way to $1,675 to start and in time
recent highs at $1,725.
Great
action all in all this past week in platinum.
Palladium
rose 1.45% for the week and remained under the breakout level of $710. As
it’s working here it’s now forming what’s known as a
megaphone pattern.
This
pattern is a sign of very bad things to come. The short area is a break of the
lower trend-line which now sits at the $660 area. So far the measured move
would take it some $65 lower from the breakdown level which would aim for
around $590 where strong support lies.
We
shall just have to see how things play out in the days ahead but we’ve
got two possible scenarios here, a move higher above $710 which could be
bought on the long side or a breakdown below $660 which could be shorted into
using the PPLT ETF if you don’t use futures.
All
the U.S. markets, the precious metals and many stocks remain trapped in
ranges but should soon enough emerge from them one way or another.
Have
a great weekend and great week ahead and please take advantage of my FREE no
obligation trial here http://wizzentrading.com.
The
free trial is only running until January 15th so time is running
out.
Warren
Bevan
www.preciousmetalstockreview.com
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