What’s Up, What’s Down: Spotlight on Metals

Comments for March 31, 2011

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

METALS:

Higher for silver, gold and platinum while lower for copper. Copper closed sharply lower making its worst and close in two weeks with its next support around 420 basis the May contract. Copper has been making lower lows and highs since the middle of February looking like its forming a major top. Silver made a new CONTRACT HIGH CLOSE continuing its rather violent long-term uptrend while gold also settled higher continuing to move up overall but with very choppy action also and possibly forming a top at this time.Platinum settled sharply higher with its best high and close in three weeks. However, platinum’s overall trend still looks down. There is little resistance up to the 180 (July) area. BUY SIGNALS FOR GOLD AND SILVER. SELL SIGNALS FOR COPPER AND PLATINUM. CALL FOR DETAILS!

But in early morning trading, the Metals sector is up slightly. My Futures HeatMap, a color-coded view of the eight futures market sectors, shows that Metals, as of 8:20 am Central this morning (March 31), is up a composite0.44%, led by strength in Gold, though Copper is down 0.08%. To view the HeatMap, click, or type this link into your browser: http://www.markethead.com/2.0

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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.

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 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.