What’s Up, What’s Down: A Buy Signal for Platinum

Comments for Tuesday, October 27, 2009

Looking Ahead to Today by Reflecting Back at Monday’s Price Action


Lower closes Monday for copper, gold, silver and platinum. Silver, gold and platinum all broke out of their bear triangles in the wrong direction with the former two metals giving me SELL SIGNALS, while platinum was hurt by today’s action. I must point out though, that similar gold and silver patterns in August and September previously led to new highs and that silver is at the beginning of a support area at this time.

Silver Chart

Gold Chart

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.