What’s Up, What’s Down: Higher Closes for Metals
Comments for Tuesday January 27, 2009
Looking Ahead to Today By Reflecting back at Monday’s price action
METALS:
Higher close yesterday for silver, gold, platinum and copper. Copper actually came very close to giving me a buy signal although it wouldn’t be a great one as it rallied sharply. Copper, overall, still has been basically trading sideways in the March contract since January 5th but in a long-term down-trend. Gold gave me a buy signal on Friday looking to test its 938.2 high in the April contract. Silver also gave me a buy signal on Friday looking very strong. Platinum continues to chip around still holding on to a buy signal but not moving anywhere at this time. I remain bullish on Gold and Platinum.
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.