What’s Up, What’s Down: Metals Moving Lower

Comments for Friday, July 10, 2009

Looking Ahead to Friday by Reflecting Back on Thursday’s Price Action


Higher settlements on Thursday for copper, gold, silver and platinum. Copper is still in an uptrend overall but came very close to giving me a sell signal on Wednesday. Although gold and silver closed higher they still should work lower overall. My long term objective for silver is still 1100 basis the September contract. Platinum made a new recent low before settling higher in reversal type action but I expect platinum to continue lower overall.

Copper Futures Chart


Lower closes yesterday for the eurodollar, notes and bonds. All of the financials  continue to trend higher overall with the eurodollar and the notes in small bull pennants and the bonds in what looks like a small bull flag. Buy Signals for the Bonds and Notes.

10-Year T-Note 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.