What’s Up, What’s Down: Spotlight on Metals
Comments for December 20, 2011
Looking ahead to Tuesday by reflecting back on Monday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
CONTINUED WEAKNESS AHEAD FOR GOLD, SILVER AND COPPER??
METALS: 12/20/11: Lower for copper, silver, gold and platinum but no changes technically that I can see. Copper has been falling since the end of October basically trading between 3000 and 3750 from late September while in a long-term downtrend overall. Also, copper is still near a near term critical juncture to hold(32500). In my opinion a close over 3750 breaking out of its range is necessary to move higher again. On the other hand a close below 3000 would lead to a continuation of its downtrend. Therefore, I’m still standing aside for now but 32500 is the price to watch for now. Silver and gold settled lower both looking weak overall with good resistance overhead and not much support nearby. Platinum also settled lower having a similar chart as the silver and gold. SELL SIGNALS FOR SILVER, GOLD AND PLATINUM. CALL FOR DETAILS!
Futures markets holiday trading hours schedule, for the Christmas holiday period, is posted at the HOT TOPICS page at my website (www.zaner.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. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.