Precious Metals Are Ready To Turn
Warren Bevan | Sep 24, 2017 05:03AM ET
Quiet action for the most part in stocks but I am seeing some signs of strength to come in the short-term and you can find out more on that at my free blog.
As I’ve said, I will be retiring my newsletter business the end of September and just trading, living, travelling, and I will still write when I see something worthy of words.
Time is expensive, spend it wisely.
The metals may be ready to take a turn higher after a nice healthy rest so let’s check the charts.
Gold fell 2.09% as the normal correction played out.
The 50 day moving average has provided some support to gold and it’s trying to turn now.
A break of the downtrend line would be confirmation of this view so let’s see what Monday brings.
I think it would be a solid move to go long on a break above $1,300 with tight stops near cost.
Silver slid a hefty 4.05% and is now at the $17 support level.
Let’s see if we turn up as we should from this support zone.
Platinum was the biggest loser this past week dropping 4.09%.
$903 is a big support area for platinum as well so let’s see if we can make the turn, as we should.
Palladium was flat losing just 0.21% and is starting to turn higher.
Get The News You Want
A break of this downtrend channel would be great and point to a move back to $980 where rest would likely be due.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.