What’s Up, What’s Down: Metals Continue to Be in Uptrends

Comments for Thursday, September 3, 2009

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

INDICES:

Reports today which will affect stock indices are: Jobless Claims, ISM Non-Manufacturing Index. We saw lower settlements again on Wednesday for the cash and Dow futures along with the S&P’s and Nasdaq again. All of the indices continue to be in uptrends overall but are now showing potential topping signs since their reversal type action on the 28th.

E-mini Chart

METALS:

Higher to sharply higher closes yesterday for copper, gold, silver and platinum. All of the metals continue to be in uptrends with gold and silver now leading the way after today’s breakout action. Copper settled higher after a nice rally off its lows needing to stay above 27500 basis the December contract. Gold broke out of its large BULL TRIANGLE which is very bullish while silver tagged along both making their highest highs and closes since June. Platinum settled higher but needed a strong rally off its lows to do so. Short term platinum has been trending lower but long term is still bullish. This is not a market to trade or add on positions at this time. I continue to hold Buy Signals for Copper, Gold, Silver and Platinum.

Gold Chart

Silver Chart

Free download of my report, Trading the New Mini-Gold and Silver Futures, available at: https://www.zaner.com/3.0/ralex1.asp

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.

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.

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.