What’s Up, What’s Down: Metals Continue Uptrend

Comments for Thursday, December 17, 2009

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


Higher for copper, gold, silver and platinum. All of the metals continue to be in uptrends overall but are forming possible tops while gold, silver and platinum have been near critical areas to hold. Also, the metals are acting heavy to me which means I wouldn’t be surprised if recent lows were taken out.

Gold Chart

Silver Chart


Higher closes yesterday for the Swiss franc, British pound and dollar index while lower for the Aussie dollar, Euro Fx, Canadian dollar and Japanese yen while lower for the dollar index but most settled not far from unchanged. There euro has been dropping along with the franc since Dec. 3rd in a 45 degree angle both continuing to work lower. The yen settled lower again in as it has continued to drop since Nov. 27th but not yet given me a sell signal. It has, however, been forming a large potential top. The Canadian dollar settled higher continuing its choppy action in a sideways market since early November while also in a gradual uptrend. The British pound settled lower still in a BEAR PENNANT that’s getting larger and should continue to work lower overall after making lower highs 7 trading sessions in a row as seen below. The Aussie dollar closed lower after making its highest high in a week but has been working sideways since October while still in a long-term up-trend overall. The dollar closed strong after a surprise narrowing of the trade deficit but was unable to close over 7700 basis the March contract which would have given me a buy signal.

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.