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

Comments for Tuesday, March 10, 2009

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


Lower closes yesterday for silver, gold, platinum and copper. Copper closed lower but is still in a bull pennant and should continue higher. Gold and silver are forming potential tops in bull markets at this time, with the latter forming a very obvious looking head and shoulders but still not completed. See the chart below. Platinum has been struggling to close over 11000 basis the April contract keeping my sell signal in place while in a down channel at this time. The long-term trend is still higher overall. I have sell signals for Platinum.

Gold 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