Gold & Copper Higher; Silver Up 20 Cents
Precious Metal Futures---The precious metals today on this holiday weekend are sharply higher with gold trading at 1,566 an ounce up $8 dollars selling off from earlier highs while silver futures are up 11 cents to 28.29 and is what has been a choppy trading week for both silver and gold. Copper futures are up about 170 points currently trading at 344.50 right near major support at 340 with the possibility of breaking through it during this session or early next week. Gold market has been incredibly choppy this week with lows down at 1,532 and then trading as high as 1,600 with each day basically trading $30 higher or $30 lower and it remains incredibly choppy so I still advise traders to sit on the sideline because it is very difficult to be profitable in a choppy market. If you are bullish the gold market there is a chance of a double bottom which happened the other day if you look on the daily chart there was the low 1,526 and then it was another low 1,532 before both rallying sharply at those levels, however if those levels are breached than you would think prices are going lower. Copper futures in my opinion remain bearish because I do believe that there is a European and Chinese slowdown and remember China uses 40% of the world’s copper which is a staggering amount so if there is a real slowdown in China copper prices could head much further to the downside in my opinion. Next week will be extremely volatile as usual especially with the monthly unemployment report on Friday which will dictate short term prices in many of the commodities and in the currency market. The trend in silver and copper is lower and I believe traders should play those markets to the short side, however gold is still choppy and I believe you should be neutral that market until a breakout under 1,526 on a closing basis is breached remembering to always use a stop loss order to try and minimize risk. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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