What’s Up, What’s Down: All the Metals Appear to be in Uptrends
Comments for Thursday, March 11, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
Lower closes yesterday for copper, gold, silver and platinum this time. All of the metals continue to be in uptrends overall with platinum leading the way. Copper continues to look higher while now in a BULL TRIANGLE still trying to get through a resistance area. Gold, although giving me a buy signal last week has really been going nowhere since the middle of last December along with making lower highs and lows since then. It needs to settle over 1150 (April) to help confirm my buy signal. Otherwise, a close below 11000 would 10885 would end it. Likewise, silver also gave me a buy signal last week while working lower overall since December needing a close over 1750 for May contract. It has penetrated 1750 three out of the last four trading days but sold off each time at least confirming my analysis. Platinum continues to look the strongest of the metal complex even after closing lower.
REMINDER: March/June Stock Index Futures Rollover begins today, Monday, March 8!!
Read 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 firstname.lastname@example.org.
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.
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