What’s Up, What’s Down: Gold and Crude Futures Down

Comments for Thursday, September 24, 2009

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


Sharply higher closes on the 23rd for natural gas while lower to sharply lower for crude and heating oil along with the rbob. The crude and rbob are still giving me sell signals and the heating oil a buy signal although the latter looks weak at this time. Natural gas settled sharply higher breaking out of a  BULL PENNANT and BULL FLAG depending on what month you are following now very close to a buy signal in the November contract.

Natural Gas Chart


Lower close yesterday for copper, silver, gold and platinum but still no changes technically. All of the metals continue to be in uptrends but copper continues to show potential topping signs needing to hold the 27500 are basis the December contract. Gold and silver settled lower still in uptrends holding their respective support areas. Platinum also closed lower but with no support nearby still looking higher overall at this time.

Gold Chart

Free download of “25 Proven Options Strategies” available at: https://www.zaner.com/3.0/ljs1.asp.


Higher for the eurodollar, bonds and notes again. The financials are still in uptrends this time with the eurodollars making a new contract high and close after the Fed said they will leave the dollar alone but notes and bonds are feeling some pressure from the rising stock indices.

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.

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.