jackfutu18
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Like an endless story, markets always keep changing and we still need to listen to what they talk to plan for our trading. Back to the metal market this week, Pitguru Daniel Cronin continues tell you the story of metals.
Precious metals had a bit of a bumpy ride last week with Gold unexpectedly dropping to $1,470 only to recover some $40 to trade at $1,510 as this market still keeps on moving higher. Silver held steady at $35 per ounce after trying to get below $32 once again. I think the news about the European debt crisis coming back into the fold will surely hurt the metals here as the USD will gain great momentum this week. I will look for these metals to sell off in the beginning of the week on a strong USD. I say Silver will test $32 again. Copper has reached $4.13 on the COMEX where it is met with great resistance as prior support becomes resistance now. I will look for Copper to retrace back to below $4.00 after the news of the Greek bond issue. I feel this market will surely be sold on this news.
By the way, check out other futures market reviews to learn how other interactive markets working!
The Metals Review
For the week of May 23rd, 2011
For the week of May 23rd, 2011
Precious metals had a bit of a bumpy ride last week with Gold unexpectedly dropping to $1,470 only to recover some $40 to trade at $1,510 as this market still keeps on moving higher. Silver held steady at $35 per ounce after trying to get below $32 once again. I think the news about the European debt crisis coming back into the fold will surely hurt the metals here as the USD will gain great momentum this week. I will look for these metals to sell off in the beginning of the week on a strong USD. I say Silver will test $32 again. Copper has reached $4.13 on the COMEX where it is met with great resistance as prior support becomes resistance now. I will look for Copper to retrace back to below $4.00 after the news of the Greek bond issue. I feel this market will surely be sold on this news.
By the way, check out other futures market reviews to learn how other interactive markets working!
