Last week went quickly. I hope you guys had a successful trading week. Now, be back to the market, just note down necessary points that
PitGuru Daniel Cronin has noted for you.
The Metals Review
for The Week of Aug 2nd, 2010
Precious metals got liquidated last week, especially in the gold market as prices broke the support of $1,180 on the downside to trade at $1,157 in the Aug contract, but recently bounced to $1,180 to close out the week on value buying. Silver for immediate delivery increased 0.8 percent to $18.065 an ounce, platinum advanced 1 percent to $1,587.95 an ounce, while palladium was little changed at $497.25 an ounce. (1) It does seem that silver is taking charge of this market rallying back up to $18 after the sell off as this looks to be the leader right now. This market got some of the longs spooked out a bit but I still believe gold will try and head higher this week as the Euro makes another monthly high against the USD trading above $1.3080. There is some serious resistance at $1.3110 in the Euro and if this market gets above that I think the prices of the precious metals will rise.
Copper has been on absolute fire and is still making a charge to the upside as Sep now trades at $3.35, breaking the significant resistance of $3.28. This market got a boost with home sales last week and has continued to shine, in line with the equity markets. Copper has risen +40 cents in the last two weeks, and although I think there should be some profit taking in this market, it just seems like the bulls want to push it higher. $3.42 is the next resistance I see here, and I believe this could be obtained this week.
**Chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
08-03-2010, 06:08 AM
The Metals Review for The Week of Aug 2nd, 2010
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