What’s Up, What’s Down: Lower Closes for Metals

Comments for Monday, March 30, 2009

Looking Ahead to Today By Reflecting back at Friday’s price action


Lower closes on Friday for silver, gold, platinum and for copper. Copper made a new recent higher before settling lower and should continue higher overall from this level. Gold settled lower but could move in either way from its present formation. Its long-term trend is still higher while now potentially forming a massive top. Silver is also difficult to call at this time while the long-term trend is higher and the short-term choppy with little direction. Platinum continues to look very bullish however. I am maintaining a Buy Signal for Platinum futures.

Gold Futures Chart

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.