What’s Up, What’s Down: Metals are in Uptrends

  • November 5, 2009
  • Rick Alexander

Comments for Thursday, November 5, 2009

Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action

METALS:

Higher closes yesterday for copper, gold, silver and platinum. Copper continues to act like it will get through its present resistance area and make new recent highs. Gold made another new all time high and close with silver following behind a little reluctantly since its tied more to the economy. Also silver is in its last good resistance area. Platinum also had a strong close and should test its highs soon. I don’t have buy signals the way I trade so I’m missing these moves but the metals are obviously in long-term uptrends.

Silver Chart

FINANCIALS:

Higher close Wednesday for the eurodollar while lower for the notes and bonds again after the Fed announced that there would be no changes in the interest rates for possibly quite a while. The eurodollar this time made a new contract high and close while my sell signals are still in place for the notes and bonds with both making larger potential topping formations at this time.

U.S. Treasury 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.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.