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

Back to the market after a hard working week, I hope you have been doing well. Now, just check back the market to see how it will flow in this week!

Precious metals have been showing some weakening signs as the Gold price tried to break through the big support of $1,180 last week. The market saw a dead-cat bounce above $1,200 where it was met by sellers to bring the price to level off at $1,190. For right now the fundamental factors of the Gold market are not working as the Euro gains against the USD but the Gold price not following suit higher. The metal, which touched a record $1,265.30 on June 21, has weakened 3.9 percent in July for the first decline in four months. There is still pressure being put on the downside so watch that $1,180-$1,175 number very carefully.

Copper had a great week last week as word came out of decreasing inventories on the LME that forced funds to buy this market all the way up to $3.22 before giving back some gains. This market raced to this number after breaking the huge resistance at $3.06 and $3.10 as there were many buy stops being elected above these prices. I expect for this market to take a little bit of a breather and trade down to $3.12 before regaining its form again. Equities have been overbought as well up at these levels so I will be looking for somewhat of a selloff.


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

By PitGuru Daniel Cronin

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Futures Trading | Investing Commodity | Crude Oil Price

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Right. I think giving it a few months would be good advice.

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