MTECHTIPS Stocks Bouncing Sharply While Metals Remain Mixed

MTECHTIPS Stocks Bouncing Sharply While Metals Remain Mixed

We’re finally seeing the bounce in markets take place and we’ve got a good mix of leading stocks who are moving well and tend to give the best bang for the buck in these sharp moves in our portfolio now. I won’t be overstaying my welcome in these trades as they are likely to hit resistance by mid-week and I’ll lock in gains, and most likely look for short setups to move into. As for the metals, they had a very mixed week and have zero direction at the moment with the dominant trend remaining lower so let’s take a look. Gold has a nice little U or V type pattern here which points to a breakout higher above $1,110 but it does need silver to move higher with it or it will likely fail. Early in the week, miners were very weak and breaking down across the board and that told me gold was going to fall very soon. That signal failed as the miners came back strong and gold setup this pattern that points to higher prices. Let’s see how the week plays out but it does appear to be a positive week ahead as this bullish pattern is now complete and ready to move higher Sunday night and Monday.gained 0.79% on the week but can’t get going and that is not a great sign. When stocks or metals try to breakout and fail, it usually points to a move in the opposite direction. So, while gold looks good, silver is not confirming this yet. It’s hard to say much with one metal looking good and the other not, so the picture remains mixed.