jackfutu18
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The following review for what will be going on in the metal market this week has been done by Pitguru Daniel Cronin to help traders to plan their business.
Precious metals had a peculiar week. Gold rallied to new heights over $1,445 but had no real conviction in keeping the price above there and has subsequently pulled back $25 right now to $1,422. Silver had also rallied above $37 and was looking poised to continue its run but it too faded a bit. Like Oil and the energies, I believe this market will try and sell back down to support of $1,400 so look for a potential liquidation to start the week as prices will drift lower as the USD strengthens against other major currencies. Copper looks to be ready to head back down to $4.30 as well so look for this base metal to react the same with equities, starting the week potentially lower as well.
***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
Since the markets are interactive to each other, you are advised to check for the other futures market reviews for the full view of all.
The Metals Review
For the week of March 28th, 2011
For the week of March 28th, 2011
Precious metals had a peculiar week. Gold rallied to new heights over $1,445 but had no real conviction in keeping the price above there and has subsequently pulled back $25 right now to $1,422. Silver had also rallied above $37 and was looking poised to continue its run but it too faded a bit. Like Oil and the energies, I believe this market will try and sell back down to support of $1,400 so look for a potential liquidation to start the week as prices will drift lower as the USD strengthens against other major currencies. Copper looks to be ready to head back down to $4.30 as well so look for this base metal to react the same with equities, starting the week potentially lower as well.
***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
Since the markets are interactive to each other, you are advised to check for the other futures market reviews for the full view of all.