What’s Up, What’s Down: Spotlight on Metals
Comments for November 23, 2010
Looking ahead to Tuesday by reflecting on Monday’s trading 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.
Silver remains in a strong Uptrend. Meanwhile, is Platinum’s bull run ending?
METALS: 11/23/10 Higher closes yesterday for silver and gold while lower for copper and platinum. Copper is still in a strong resistance area looking toppy at this time. Silver made its second highest close of its move still in a strong uptrend while in a minor resistance area. Gold continues to lag behind forming a potential top closing lower once again while platinum also settled lower acting like its bull move is over. Remember to keep an eye on the dollar which has been setting up for a possible rally. This could knock down the metals along with many other commodities that were helped higher by the weak dollar including the indicies. BUY SIGNALS FOR COPPER, SILVER AND GOLD. SELL SIGNAL FOR PLATINUM. CALL FOR DETAILS!
Special Note for Cotton Traders: The daily price limit for Tuesday, November 23, will remain at 6 cents.
Special Note for Futures Traders: I have the complete Thanksgiving holiday trading hours schedule, including early closes, posted at the Hot Topics (https://www.zaner.com/3.0/market_information/hot_topics.asp) page of my website.
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.