jackfutu18
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Back to metal market, Pitguru Daniel Cronin has some information to share with you guys.
Precious metals falling at the end of last week with Gold dropping $16 in a matter of minutes as the top still looks to have set in this market with the downtrend continuing. Silver also looking to head lower as this market fell to below $36 last week. I look for continued weakness in the metals as the USD made a very nice move to the upside in the beginning of last week. I think Gold needs to break the $1,520 mark to head lower which I believe will happen early in the week. Copper had a losing week as well following the equity markets lower with the DOW below 12k now as the industrial metal looks to head to $4.00. This market had a tough time holding above the $4.15 mark and looks to sell off this week. I look for $3.90-$3.85 to have good support as this low held last time.
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The Metals Review
For the week of June 13th, 2011
For the week of June 13th, 2011
Precious metals falling at the end of last week with Gold dropping $16 in a matter of minutes as the top still looks to have set in this market with the downtrend continuing. Silver also looking to head lower as this market fell to below $36 last week. I look for continued weakness in the metals as the USD made a very nice move to the upside in the beginning of last week. I think Gold needs to break the $1,520 mark to head lower which I believe will happen early in the week. Copper had a losing week as well following the equity markets lower with the DOW below 12k now as the industrial metal looks to head to $4.00. This market had a tough time holding above the $4.15 mark and looks to sell off this week. I look for $3.90-$3.85 to have good support as this low held last time.
Learn more information around other futures markets for help!
