What’s Up, What’s Down: Metals in Bull Market, Dollar Bearish

Comments for Thursday, November 19, 2009

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


Higher closes yesterday for copper, gold, silver and platinum. Copper made a new recent high and close although settling near the lower end its trading range just like the silver and gold did. Gold made a new CONTRACT HIGH AND CLOSE while silver made a new recent high and close before both settled near the lower end of todays trading range as mentioned above. Platinum made a new CONTRACT HIGH before settling lower in reversal type action. Of course, all of the metals continue to be in strong bull markets overall.

Copper Chart

platinum Chart


Higher for the Euro fx and Swiss franc while lower for the dollar index, British pound, Canadian and Aussie dollar along with the Japanese yen. The euro and franc continue to be in long-term up-trends with the latter looking stronger than the former but both in choppy action at this time. The yen made a new recent higher before selling off to close lower in reversal type action but still should test its higher sooner than later. The Canadian dollar also settled lower still in an uptrend overall with support under 9400 basis the December contract but needing to close over 9600 to help verify a continuation of its move higher. The pound and Aussie dollar also settled lower but are both still is in strong uptrends. The dollar finally had a strong close but continues to look very bearish overall.


Higher settlements on Wednesday for the Eurodollars but lower for the notes and bonds. However, we have a little of everything off of today’s action. The Eurodollar made a new CONTRACT HIGH AND CLOSE while the bonds made a new recent high before settling lower in reversal type action. The notes just closed lower but are in a small BULL PENNANT. However, the overall results are still higher for all of the financials.

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.