Comments for Friday, July 23, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
METALS:
Higher closes Thursday for copper, silver and gold but slightly lower for platinum. Copper settled sharply higher with its best high and close since May 27th now giving me a BUY SIGNAL with little resistance up to the 34000 area. Gold settled higher while silver closed sharply higher but both have been acting top heavy. Platinum closed slightly lower still in a trading range with15410 and 14890, basis the October contract, the key prices to watch. BUY SIGNAL FOR COPPER. SELL SIGNAL FOR PLATINUM. CALL FOR DETAILS!
There has been a lot of talk and advertising for Gold exchange traded funds (ETFs). Do you understand the difference, from a trader’s point of view, between gold futures and gold ETFs? Download my comparative evaluation report at http://www.zaner.com/3.0/ralexGold.asp.
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.
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.