What’s Up, What’s Down: Gold Rebound, Copper Slides
Comments for Tuesday, August 25, 2009
Looking Ahead to Today By Reflecting Back at Monday’s Price Action
METALS:
Higher closes Monday for copper and silver but lower for gold and platinum. All of the metals continue to be in uptrends overall in choppy daily action. Copper made its highest close of this move so far. Gold sold off while silver closed higher in what looks like spreading action between the two. Platinum settled lower but still should continue to work higher overall along with the rest of the metals.
FINANCIALS:
Higher closes yesterday for the eurodollar, bonds and notes. The eurodollar continues to be in a uptrend making another new contract high and close in the September contract and a new contract high close in the December. The bonds and notes both rallied to close near their session’s highs this time. Both have held up well in spite of the indices moving higher which tells me interests will not be rising for some time. I hold Buy Signals for both Bonds and Notes.
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.