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

Comments for Tuesday, January 26, 2010

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


Higher for silver, gold, platinum and copper this time. All of the metals continue to be in up-trends but have been forming potential tops and are still near possible sell signals. Copper is still in an uptrend but continues to look very toppy. Gold settled below the all important 1100 price again but not yet giving me a sell signal. Silver is still at the bottom of a support area while platinum also has been hurt by recent action and, like the other metals, has been acting toppy lately.

Gold Chart

Silver Chart


Higher closes Monday for the Euro Fx, Swiss Franc, British pound, Canadian and Aussie dollar while lower for the Japanese yen and dollar index. The euro and franc slightly higher but no changes technically with both in downtrends but the franc not yet giving me a sell signal. The yen settled lower but is in a very small BULL PENNENT as its short term uptrend continues. The Canadian dollar closed higher breaking its losing streak but has lost its upward momentum now at the lower end of a strong support area needing to hold the 9400 area basis the March contract. The pound settled higher and could be forming a larger bottom. However, this possibility has been slowly fading away. Either way my buy signal is still in place while its overall trend since the middle of November has been down but the short-term trend up. The Aussie dollar settled slightly higher while trading, basically, sideways since late October. The dollar index settled slightly lower again still not quite giving me a buy signal but, overall, has been actually trending higher since the end of November. Either way, today’s action has forced me to remove my sell signal.  BUY SIGNALS FOR THE BRITISH POUND AND CANADIAN DOLLAR. SELL SIGNAL FOR THE EURO FX. CALL FOR DETAILS!

Japanese Yen Chart

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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.