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
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 email@example.com.