Gold Leads Silver

Precious Metals Market Analysis
02/13 thru 02/24/2017




Originally Posted on 02/20/2017 @12:04am


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Hello,

I hope that you and your family had a great week.

Under, "Last Week's Best News" taken from the home page, is this week's post 'Gold Leads Silver.'

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Gold Leads Silver

If you’ve followed this blog, you’d know that I often state the following:

"Silver and Gold generally move together in their daily trading, but silver leads gold in its long-term trade."

However, according to my charts, for the last few weeks, this ‘Norm’ has changed.

In last week's blog post, titled ‘Recurring Themes,' I posted the charts below.

precious metals price charts

Charts provided courtesy of TradingView.com

The obvious ‘Recurring Theme’ is the ‘Rising Wedge’ found in each chart.

This week, all the precious metals, except for Gold, are still climbing in price inside their rising wedges.

Note: Last week’s, 'Rising Wedge' - Silver Chart was wrong because it was missing Friday’s (02/11/2017) candlestick, the rising wedge in this week's Silver chart has been corrected. 

As seen in the chart below, gold broke out of its ‘Rising Wedge’ early last week; Gold’s price has since corrected and has since moved sideways with a slight move to the upside.


gold price chart

Gold is leading silver, it is also leading platinum and palladium, but those precious metals often follow their own leader because they are traded and used more for industrial purposes than for investment purposes.

So as we can see in the revised Silver Chart below, silver is about to move slightly above the upper trend-line of the ‘falling expanding wedge,’ but as it follows gold’s tracks, it is expected to consolidate before it continues to follow gold's movement.

silver price chart



The Week Ahead...

As for the week ahead, look for gold to lead silver as to which way we can expect it to move once it breaks its rising wedge.

This week silver will either continue to move up its ‘rising wedge’ or break below it, once it does break it, we can expect it to take a similar path to that of gold.

Platinum looks like it too could break its rising wedge this week or it could continue to trade inside it, time will tell.

Lastly, Palladium has plenty of room to move inside its ‘rising wedge’ so it is expected to continue to test the trend-lines of its ‘rising wedge, ’ but it probably won’t break it this week.

platinum price chart

Charts provided courtesy of TradingView.com




palladium price chart



Have a Great Week.

Thank you for your time & God Bless,

Steve




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