What’s Up, What’s Down: Spotlight on Metals
Comments for June 21, 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
GOLD CLOSES HIGHER FOR THE 5TH DAY IN A ROW; SILVER LOOKING CHOPPY
METALS: 6/21/11: Higher closes for silver and gold while lower for copper and platinum again. Copper had a huge range closing down for the fourth session in a row. Copper seems to be stalling out which could be signaling the end of its retracement rally after bouncing off a strong resistance area at the end of May that goes from 420 up to 460 basis the July contract. and has been struggling to rally ever since. Silver settled higher for the third session in a row but still is in a choppy consolidation area dating back to early May while forming a large possible top in my opinion. A breakout to the upside off this sideways pattern could change my outlook however. Gold closed higher for the fifth day in a row again nearing 350(August) which could be very significant if it settles above this price. On the other hand platinum settled down for the seventh trading session in a row making its lowest and close since the middle of March giving me a SELL SIGNAL. BUY SIGNAL FOR GOLD. SELL SIGNALS FOR COPPER AND PLATINUM. CALL FOR DETAILS!
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.