What’s Up, What’s Down: Higher Gold, Lower Copper
Comments for Tuesday, December 16, 2008
Looking Ahead to Today By Reflecting back at Monday’s Price Action
METALS:
Higher closes yesterday for gold, silver and platinum while lower for copper. Copper continues to look lower overall and should test its lows sooner than later. A new recent high for gold and silver as the expected turnaround, especially in gold continues. Platinum also closed higher but has been in a sideways consolidation pattern since October. I have been discussing Buy Signals with my clients.
SOFTS:
COCOA: Cocoa settled sharply higher as its bull market continues. I see buying opportunity in Cocoa as well.
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.