What’s Up, What’s Down: Mixed for Metal Futures
Comments for Thursday, June 4, 2009
METALS:
Wednesday saw a higher close for platinum while lower to sharply lower for gold, silver and copper. Copper settled sharply lower but has good support below and still is in a strong uptrend. Gold and silver made new recent highs and then closed lower in a reversal type action with the latter more likely to have a decent size retracement. Silver has good support around 14.000 area basis the July contract. Platinum made a new contract high and had its highest close since the middle of April. I still maintain Buy Signals in Copper, Gold and Silver.
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.