
Markets began to act sloppy this week…breaking to break below breakdown levels late in the week.
Consequently, I locked in all my gains Thursday…and am now in an all cash position and looking for a little correction.
Unfortunately, Friday saw two of the stocks I sold have stellar days to the upside…and I just watched. I can’t win them all, but the churning action we’ve seen more and more of in the past week makes me happy to have not suffered a single loss, I merely locked in gains.
Churning often leads to moves lower. Moreover, markets are showing failed breakouts. Additionally, June tends to be weak…so I am cautious here.
Gold and silver broke below the patterns I showed here last weekend. And now are set for more downside once again. When the metals are breaking a perfect bearish pattern, which says lower, as they are now, all I can hear are the crickets!
Gold lost 1.57% over the past week, which isn’t a lot. Nonetheless, it is breaking the continuation pattern triangle I indicated in this free letter. There really isn’t much else to say.
Gold has support next at $1,150…and then we will see what builds on the charts. Subscribers knew the short level…and many are now short gold and looking to book gains at $1,150.
Charts keep things simple and clean if there is a pattern. To the contrary, there is even less to say.
