Mark Leibovit’s 2/22 Precious Metals pre-opening comment: GOLD – ACTION ALERT – BUY
Metals took off for the same reason stocks rallied. Platinum saw a new recovery high of 1646 along with Palladium which traded at 717. Silver touched 34.58, just four cents under its February 34.62 peak. Gold fell a tad short too touching 1761.50 versus its February 3 peak at 1764.20. The burden of proof is on the bulls here, but ‘seasonality’ for gold is beginning to run out. I would still like to see silver push back toward my projected 30-31 pullback zone. Afterwards, my target is first 37 on its way to 42-43. Gold targets to the mid 1800s and perhaps back to its record 1922 high, but I was thinking we should first see more of a pullback, perhaps into the 1600s. So far, this market has said it has other plans. Stay tuned.
by Don Vialoux – market comment by Mark Leibovit
First: Mark Leibovit’s 2/17 Precious Metals comment: GOLD – ACTION ALERT – BUY
As with equities, early weakness reversed to modest gains on the session. Silver, in particular, was pushing toward my projected 30-31 pullback zone, but stopped at 32.56 before closing at 33.52. I think you need to keep a solid core holding here. This baby could take off at a moment’s notice and we could suddenly see it trading at 37 on its way to my 42-43 projected target zone (not to say it couldn’t go higher at a later time). Gold touched 1704.30, just above last Friday’s 1703.40 low, so it was clearly demonstrating some relative strength as well. As you know, I was looking (hoping) for a pullback at least into into the mid to high 1600s. Famous last words? Core positions need to be held here for the same reason as for silver.
Ed Note: The Following is from Don Vialoux’s Friday comment HERE
Updates on other sectors and equities with positive seasonality
Silver has entered into a shallow short term correction. Short term momentum indicators are trending lower, but have yet to show signs of bottoming. Downside risk is to its 50 day moving average currently at $31.24. Strength relative to the S&P 500 remains positive. Seasonal influences remain positive until May. Add to positions closer to its 50 day moving average.
Ditto for Platinum! A shallow short term correction has started. Seasonal influences are positive until May. Strength relative to the S&P 500 Index remains positive. Adding on weakness closer to its 50 day moving average makes sense.
Canadian lumber stocks are showing technical signs of completing a shallow short term correction. Short term momentum indicators are trying to recover from oversold levels. Strength relative to the TSX Composite Index and S&P 500 Index remains positive. Seasonal influences remain positive until mid-April.
The Shanghai Composite Index continues to move higher. Short term momentum indicators are overbought, but continue to trend higher. Strength relative to the S&P 500 Index remains positive. Seasonal influences remain positive until May.
Ed Note: More from Don Vialoux’s Friday comment HERE
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Mark Leibovit and VRTRADER.COM has been consistently ranked in the group of top market timers by TIMER DIGEST. Two of note: Mark was ranked #1 Gold Timer at mid-year 2011 and finished #2. He was the #2 Gold Timer for the 10 year period ending 12/31/09.