What’s Up, What’s Down: Spotlight on Metals
Comments for October 18, 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.
SCARY TIME FOR SHORTING COPPER??
METALS: 10/18/11 Lower closes for copper, silver, gold and platinum. If you look at the charts below, notice how all of the metals have similar patterns which look bearish overall. There’s a good chance their retracement rallies are over. Also, in my opinion, overall, all of the metals look toppy at this time. On the other hand copper has very little resistance up to the 400 area basis the December contract making this a scary market to short at its present level. Silver’s nearest resistance is between 350 and 400 basis the December contract but gold has very little up to the 180 area along with platinum. SELL SIGNALS FOR COPPER, SILVER, GOLDAND PLATINUM. CALL FOR DETAILS!
For more Metals market commentary, please visit my Metal Futures Update blog. (https://metalfuturesupdate.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.