What’s Up, What’s Down: Spotlight on Metals
Comments for September 22, 2011
Looking ahead to Thursday by reflecting back on Wednesday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
DON’T BE FOOLED BY YESTERDAY’S COPPER RALLY
METALS: 9/22/11 Higher for copper, silver, gold and platinum. Copper made its worst low since November 2010 again but rallied to close higher in reversal type action. Just don’t be fooled by today’s action. Our economy, not to mention the world’s continues to struggle which is not a good sign for copper. Also the bearishness of the chart below seems to verify this reasoning! Therefore, look for the potential for a drop next to the 375 level basis the December contract. Silver, gold and Platinum’s next support area around 1750(Oct). Silver has been flattening out in a large trading range since July while looking somewhat toppy Gold shows a more defined potential topping formation at this time. A key area for gold right now is around 1750. Silver’s closest support area to watch is around the 4000 dollar area basis the December contract. BUY SIGNALS FOR SILVER AND GOLD. SELL SIGNALS FOR COPPER AND PLATINUM. CALL FOR DETAILS!
Metal traders can follow my comments at my Gold Update Blog ( https://goldfuturesupdate.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. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.