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Technical Analysis on Precious Metals Editor’s Note: Since the introduction of our reader feedback e-mail address, jim@pennysleuth.com, we’ve been receiving thousands of e-mails every week. We pick through many great comments, questions, and even picks from readers. But, we got a unique message the other day… Long-time reader — and testimonial provider (see here) — Warren Bevan, wrote in with a few comments and his latest work. We just had to pass it on to you. Enjoy… Precious Metals Are About to Blow Up
Gold was taken to the woodshed the past few weeks…
Support at $875 was broken and caused a sharp run to the major multi-decade support area of $850. I don’t see Gold going any lower but if it does it still does not signal an end to the bull market. We need to see many other things fall into place for that to happen. Right now the fundamentals for the metals to go higher are better than ever and improve weekly. All the major technical indicators — RSI, MACD and slow STO — are in buy territory as they only get to these lows at major bottoms. Short term Gold must hold $850 or run the risk of running to $825. The 200-day MA should provide good support there along with chart support. Don’t worry, technically this is healthy action and the multi-decade high of $850 should be tested and hold to signal an ongoing bull. While some people see the breakout as never to be tested, in my experience, more times than not the price will come back and test that area before resuming higher with a large degree of force. So you can trade it that way if you are shorter term and technically inclined. I have been buying recently... ********************************** Here’s How to Use “Vancouver LEAPERS” to Make Huge Gains in the Coming Blowoff Phase of the Gold Rally The last time we saw a gold market like this, some investors made 971%, 2,464% and even 3,987% with little-known “LEAPER” stocks. Today, you have a once-in-a-lifetime chance at similar gains for as little as $500… Read on… ********************************** Silver Silver had a down week as well and touched strong support at $16:
The indicators are very oversold but not yet extreme and could actually benefit from coming down further. Next support is the moderate area of $15.50 then stronger support at $15.00. Platinum Platinum was down but very constructive as no real support was broken and it closed the week above the $1,900 area where support is building:
Thursday’s gap down was filled quickly on Friday, which bodes well for continued upside strength. The fundamental just got a whole lot better this week and the only way a major decline will happen in Platinum is if production jumps a large degree in short order. And I just don’t see that happening… ********Only Four Days Remain******** The 136-Year-Old “Millionaire’s Market” Moves Stockpiles of Money Each Day… Right Beneath Your Nose! But today, my “Guest Pass” gives you the chance to withdraw your share… Without a single stock or bond. Check it out here… ********************************** Palladium Palladium broke loose and ran down to the 200-day MA, which held up nicely as well as chart support at $400:
This metal has a long way to go on the upside and the fact that it resolved itself so quickly and in a good technical manner bodes well. $425 is resistance then $450 and $475. The indicators are healthy and could even stand to go a bit lower. They could come down further and that would give Palladium a downside target of the January gap region of $375. Either way we look at it the Metals will be higher this time next year. For more on this story, check out www.preciousmetalstockreview.com. There you will find this story, along with my others on similar subjects. Best Regards, P.S.: Peter Barnes the CEO of Silver Wheaton expects the price of Silver to reach $30 an ounce in the next few years. This is a very conservative and safe estimate in my opinion and I am calling for at least the all-time high around $50 to take place within a year and a half. My friends — whom you should already be familiar — Greg Guenthner and Jim Nelson, recently recommended a silver miner that is less than a year away from overtaking Pan American and Barnes’ Silver Wheaton as the top producer. You can’t tell me that $50 silver won’t help that company’s share price! To get in on it before it’s too late, read this… |
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