What’s Up, What’s Down: Higher Gold
Comments for Thursday, August 6, 2009
Looking Ahead to Today By Reflecting Back at Wednesday’s Price Action
Higher closes Wednesday for soybeans, soymeal and soyoil while lower for Minneapolis, Kansas City and Chicago wheat along with rough rice, corn and oats. All of the wheat continue to look weak overall but in major support areas at this time. Corn settled lower again now possibly ending its retracement rally but I still feel the beans with eventually pull up corn near 400(Dec.) which is about as far as corn will go this year if that high. I know some forecasters are expecting hot and dry weather through August 20th which may help give corn and beans a decent rally from here. Oats closed slightly lower again still is in a downtrend and also in a strong resistance area(220-235 Dec.). However, oats are forming a potential bottom at this juncture. Rice settled lower but looks very strong overall and is in a BULL PENNANT as shown below. The bean complex settled higher with all three making new highs while the beans and oil also made new recent high closes.
Higher closes yesterday for copper, silver and platinum again but lower for the gold this time. Copper made a new recent high and close for the 4th trading session in a row while silver and platinum also made new recent highs and closes with the latter settling sharply higher on its way to testing its highs. I am holding technical Buy Signals for all the metals.
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 email@example.com.