What’s Up, What’s Down: Gold Higher
Comments for Tuesday, August 11, 2009
Looking Ahead to Today By Reflecting Back at Monday’s Price Action
METALS:
Lower closes on Monday for copper, silver, gold and platinum. All of the metals continue to be in uptrends with copper leading the way with a new recent high close and gold lagging behind but in a good support area. Also gold and silver have been making higher highs and lows since the middle of July. Platinum also looks strong while in a BULL PENNANT at this time. I am holding technical Buy Signals for Copper, Gold, Silver and Platinum.
FINANCIALS:
Higher closes yesterday for the eurodollar, bonds and notes but no changes technically. The eurodollar is still in a strong uptrend equally its best close of the move while the bonds and notes are in a downtrend with 11520 a key area to hold in the September bond contract. I hold technical Sell Signal 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.