What’s Up, What’s Down: Focus on Silver and Copper
Comments for Tuesday, August 10, 2010
Looking Ahead to Today by Reflecting Back at Monday’s Price Action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
METALS:
Higher closes yesterday for copper but lower for gold, silver and platinum. Copper (Sept) hasn’t yet gotten through its resistance area (34000) basis the September contract which may signal the end of its current rally but is now in a small bull pennant which should soon tell us which way copper is going to go. Gold finally closed lower after moving higher seven consecutive trading sessions. However, my sell signal is still in place unless it settles over 1220 basis the December contract. Silver closed lower also but still has basically been trading sideways since the beginning of April causing me to continue to stand aside. Platinum settled sharply lower now settling into a sideways pattern like silver and causing me to stand aside by removing my buy signal for now. The October contract has been basically trading between 150 and 160 since the middle of May. BUY SIGNAL FOR COPPER. SELL SIGNAL FOR GOLD. CALL FOR DETAILS!
There has been a lot of talk and advertising for Gold exchange traded funds (ETFs). Do you understand the difference, from a trader’s point of view, between gold futures and gold ETFs? Download my comparative evaluation report at https://www.zaner.com/3.0/ralexGold.asp.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.