What’s Up, What’s Down: Bullish for the Metals

Comments for Tuesday, December 1, 2009

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


Higher settlements Monday for copper, gold, silver and platinum. All of the metals continue to look strong overall with gold leading the way. There’s not much else to say at this time except try to be careful since the public is heavily long and any bad news could cause an overreaction to the downside.

Gold Chart


Kind of a mixed day with the Euro Fx, Japanese yen, Canadian and Aussie dollar closing higher while the Swiss Franc, British pound and dollar index settling lower. The euro and franc continue to be in long-term up-trends with the franc making a new contract high. The yen made a new CONTRACT HIGH CLOSE again pretty much telling the story for this currency. The Canadian dollar settled higher this time with support under 9400 basis the December contract and needing to close over 9600 to help verify a continuation of its move higher. Lately the dollar has been somewhat choppy. The pound closed lower and now is forming a potentially huge top but still in an uptrend overall. The Aussie dollar closed higher while basically in a sideways pattern since the middle of October but still in an up-trend overall. The dollar closed lower but did rally to settle near its session’s highs. However, the dollar didn’t act well off the Dubai news as one would expect.


Higher close for Eurodollars, notes and bonds. The Eurodollar bounced back from Friday’s action with the notes and bonds making their highest closes since April. All are still in uptrends at this time. I hold technical Buy Signals for the Notes and Bonds.

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.