What’s Up, What’s Down: Spotlight on Metals
Comments for August 12, 2011
Looking ahead to Friday by reflecting back on Thursday’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? WILL A CORRECTION COME TO GOLD??
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: 8/12/11 Higher closes for copper and platinum while lower for silver and gold. Copper had another large trading session with extremely choppy action over the last three days, There is strong resistance up to the 420 area basis the September contract but, on the other hand, copper did go through this previous support areas like a ‘knife through butter’ in the past. Silver and gold closed lower with silver looking like its in a possible BEAR PENNANT continuing its choppy action over the last month while losing steam in its retracement rally 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 made another new CONTRACT HIGH but settled lower this time in reversal type action. If and when, there’s a correction it could be swift and deadly but, like everyone else, I don’t know when it will happen unless I see some technical changes that I can read correctly. Platinum settled higher for its fourth session in a row now near a critical area around 180 basis the October contract. Still, copper has been making lower highs since last May. 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:
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 firstname.lastname@example.org 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.