What’s Up, What’s Down: Spotlight on Metals
Comments for August 16, 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.
SILVER FORMING A BEAR PENNANT?? COULD PLATINUM STALL OUT??
FUTURES AND OPTIONS TRADING IS SPECULATIVE IN NATURE AND INVOLVES SUBSTANTIAL RISK OF LOSS. FUTURES AND OPTIONS TRADING IS NOT SUITABLE FOR ALL INVESTORS.
METALS: 8/16/1 Higher closes yesterday for copper, silver, gold and platinum. Copper has strong resistance up to the 420 area basis and should continue to work lower overall but the action should be very choppy if the past week is any indication. However, it has been acting like its retracement, as small as it has been so far, might be over. Silver and gold settled higher but the former still lookis like it’s in a possible BEAR PENNANT while continuing its choppy action over the last month and lagging further and further behind gold overall. There is good support below for silver which has been in a wide trading range going back to May. Gold continues to hold up well with only minor retracements so far. Platinum settled slightly higher for its fifth session in a row near a critical area around 180 basis the October contract. Platinum has been making lower highs since last May and should stall out in its present resistance area and work back lower if its bear trend is to continue.. BUY SIGNALS FOR SILVER AND GOLD.SELL SIGNALS FOR COPPER AND PLATINUM. CALL FOR DETAILS!
“A good plan is like a roadmap; it shows the final destination and usually the best way to get there” (H. Stanley Judd). Traders need a trading plan too. Download my TRADING PLAN TEMPLATE by clicking this link or copying and pasting it into your browser:
https://www.zaner.com/3.0/ljstradingplantemplate.asp
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.