What’s Up, What’s Down: Platinum’s New Contract High Close
Comments for Friday, January 15, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
METALS:
Higher closes for silver, gold, platinum and copper. All of the metals continue to be in up-trends with still no changes technically. Copper is still in a strong uptrend overall while consolidating over the last week but the 33050 price basis the March contract is an important price to hold. Gold and silver should both continue working higher but the action has been choppy. Platinum’s made a new CONTRACT HIGH CLOSE looking the strongest of all the metals at this time.
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See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
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. If you would like a free booklet explaining the charts mentioned above, 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.