What’s Up, What’s Down: Gold High, Green Gaining Support

  • July 28, 2009
  • Rick Alexander

Comments for Tuesday, July 28, 2009

Looking Ahead to Tuesday by Reflecting Back on Monday’s Price Action

METALS:

Higher closes for gold and silver and platinum while one tick lower for copper. Copper made its highest high and close since early October again still in a strong uptrend. I wasn’t at work yesterday but something got messed up because I had a buy signal for August gold on 7/20 but it still showed up as a sell in my commentary which I had placed correctly last week. Gold made a new recent high with support at the 940 area basis the August contract. Silver made new a new recent high and close needing to close over 14000 basis the September contract to at least erase my sell signal. Platinum settled sharply higher giving me a buy signal. Buy Signal for Copper, Gold and Platinum; Sell Signal for Silver.

Platium Futures Chart

Gold Futures Chart

CURRENCIES:

Higher settlements yesterday for the British pound, Canadian dollar, euro fx and Aussie dollar while unchanged for the Swiss franc and lower for the Japanese yen and dollar index . All of the currencies continue to be in uptrends overall with the euro, Canadian and Aussie dollar making new recent highs and closes. The yen has now given me a sell signal making a new recent low and close. The pound has been is a sideways market since roughly the middle of June still poised for a breakout. The dollar also made a new recent low and close. Buy Signals for the Euro, Swiss franc, and Canadian dollar; Sell Signals for the Yen and U.S. Dollar Index.

British Pound 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.

FOR YAHOO

For more trading strategies, go to TradingMarkets.com/reports.

[AMEX:SPY]