What’s Up, What’s Down: Spotlight on Metals
Comments for August 15, 2011
Looking ahead to Monday by reflecting back on Friday’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
SELL SIGNAL FOR COPPER? BEARISH CHART ACTION FOR PLATINUM??
FUTURES AND OPTIONS TRADING IS SPECULATIVE IN NATURE AND INVOLVES SUBSTANTIAL RISK OF LOSS. FUTURES AND OPTIONS TRADING IS NOT SUITABLE FOR ALL INVESTORS.
METAL: 8/15/11 Higher for copper, silver and platinum while lower for gold. Copper had its narrowest trading range in a week settling slightly higher. There is 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. Silver closed higher looking like its in a possible BEAR PENNANT continuing its choppy action over the last month while losing steam in its retracement rally 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 settled lower again following through from Thursday’s reversal type action. If and when there’s a correction it could be swift and deadly since we haven’t had a good-size retracement that I can remember. On the other hand, platinum settled higher for its fifth session in a row now near a critical area around 180 basis the October contract. Platinum has been making lower highs since last May and should stll 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!
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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 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.