jackfutu18
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Back to the metal market, Pitguru Daniel Cronin will continue analyzing and sharing information on how the market work to help traders make effective decision.
Precious metals once again had another stellar week this time breaking the huge resistance in Gold at $1,450 and rallying to new heights at $1,470. $1,475 is my next target here so look for profit taking to occur around this area. Silver reached its target of $40 rather quickly last week and now trades at $40.35 still looking to rally higher. This was caused by the USDs collapse against other major currencies with the Euro/USD now trading at $1.44. Look for the precious metals to try and take some kind of profit this week but $1,500 Gold too far away. Copper rallied along with the equities and other metals and now stands at $4.50. Remember that the price is getting closer and closer to the $4.55-$4.65 resistance are so look for this market to hold steady up here. Prices have rallied 30 cents in a week and a half.
***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
To be traders in futures trading platform, you can check out other futures market reviews to learn more how others change and influence on metal prices.
The Metals Review
For the week of April 11th, 2011
For the week of April 11th, 2011
Precious metals once again had another stellar week this time breaking the huge resistance in Gold at $1,450 and rallying to new heights at $1,470. $1,475 is my next target here so look for profit taking to occur around this area. Silver reached its target of $40 rather quickly last week and now trades at $40.35 still looking to rally higher. This was caused by the USDs collapse against other major currencies with the Euro/USD now trading at $1.44. Look for the precious metals to try and take some kind of profit this week but $1,500 Gold too far away. Copper rallied along with the equities and other metals and now stands at $4.50. Remember that the price is getting closer and closer to the $4.55-$4.65 resistance are so look for this market to hold steady up here. Prices have rallied 30 cents in a week and a half.
***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
To be traders in futures trading platform, you can check out other futures market reviews to learn more how others change and influence on metal prices.