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The Metals Review for The Week of August 16th, 2010
Precious metals did some nice rallying the last few weeks as the gold market has traded above $1,200 and is testing the $1,220 mark on the COMEX. Even as the Euro/USD has come down from a high of $1.3370 to $1.2750 the metals have still stayed above water as silver is also at $18.30 as well. I think the market will see some big resistance at this $1,220-$1,225 area so I am looking to sell rallies into this as I do not believe gold is ready yet to make another charge up to the yearly high of $1,265. The equity markets have come off, but not fast enough to charge this market back up to the top.
Copper has had a nice liquidation, some 15 cents to $3.25 and I think the market will see a consolidation period as longs start to build up position again. The market has really had a nice run and needed this healthy pullback so I would watch $3.20 as there is a lot of support at this level. $3.41 is still the top of this market but I believe $3.33 can be seen on the high end as this market will trend in between $3.20 and $3.35 this week.
Since metal is not the only market that futures traders or investors need to care, get more reviews on other
futures markets (grains, softs, financials, energies) for your full understanding!
**chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.
08-17-2010, 03:55 AM
Metals Review for The Week of August 16th, 2010
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