Day Traders, Penny Stocks, Stock Options, Futures and Forex

New week comes, check out metal market this week!

What can I say about the price of Gold? It had all of the factors set in place to rally on Friday as the Euro/USD traded above $1.30 and the equity markets were down some 2%. Yet Gold traded lower to the support of $1,180 and although I do recommend picking up some OTM calls here, one really has to wonder why this Gold market was so weak. The dollar slid to a nine-week low against the Euro Friday as U.S. manufacturing contracted in June by the most in a year and producer prices fell. U.S. retail sales declined for a second month in June (1). Still this Gold market hasn't reacted positively on this news and although this technical support is at $1,180, I would advise caution in the market right now as it is very uncertain.

Copper once again could not reach above the $3.06 mark as it came down hard on Friday to $2.92 on a weak equity market. There seems to be a chunk of selling in this market above $3.04 and I would not advise to buy this market just yet. It has a range of $2.88 to $3.06 as of right now. It is close to the low side but I cannot recommend dipping into this market right now. I do not see potential for any upside just yet.


**chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.

By PitGuru Daniel Cronin