What’s Up, What’s Down: Mixed Closes for Metal Markets

Comments for Monday, March 23, 2009

Looking Ahead to Today By Reflecting back at Friday’s price action


Sharply higher close last week for copper while lower for platinum, silver and gold as choppy, volatile metal markets continue. Copper had its highest high again since late November settling lower this time but looking very bullish with little resistance overhead. Gold also made a new recent higher before closing lower. On the other hand silver rallied sharply making a new recent high and close acting like it will test its highs. Like copper this market also looks to continue higher. Finally, platinum made a recent high before settling lower also but, like the other metals, is in a bull market. I maintain a Buy Signal on Platinum.

Silver Futures Chart

See the balance of my morning comments, including the Financials, 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.