Traders Say “No Thanks” To Gold

news.goldseek.com / By Warren Bevan / Sunday, 27 November 2016

By Warren Bevan

It’s always nice to have this long weekend before we make the mad dash to Christmas.

With stocks generally strong into Christmas and all the cheer of the season, it’s always a busy and fun time of year.

Stocks are setting up very well with lots of buy levels right now, BUT, we are quite overbought so a few days of rest and consolidation is needed right now before we resume the uptrend into years end.

Metals continued to show weakness, with the exception of palladium, and they are not looking greta at all.

Gold fell 2.51% this past week as the charts foretold last weekend.

We’re now at the significant support area of $1,175 on this 2 1/2 year chart.

Let’s see if we form a bottom here or not but gold has been under heavy pressure since the election and it isn’t stopping yet.

I’m not ready to throw the towel in on this new phase of a gold bull market, but I don’t have enough faith to be trading in it either yet.

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