What’s Up, What’s Down: Spotlight on Metals
Comments for September 20, 2011
Looking ahead to Tuesday by reflecting back on Monday’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
A TECHNICALLY WEAK PICTURE FOR COPPER
METALS: 9/20/11 Lower closes for copper, silver, gold and platinum. Copper gapped and settled sharply lower making its worst low and close since October 2010. I’m showing a weekly chart below so you can see just how bearish copper looks technically after it wasn’t able to hold the 390(Dec.) area. Silver, gold and platinum all settled lower with the former two making their lowest closes since the latter part of August and platinum since early August. Platinum had a huge range but ending up near its session’s lows in very bearish action with its next support area around 1750(Oct). Silver has been flattening out in a large trading range since July while looking somewhat toppy while 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!
Gold traders can follow my comments at my Gold Blog
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.