Gold & Silver Sharply Lower; Copper Down 700

02 May in and Palladium futures, Blog, commodity broker, commodity trading, copper futures, futures broker, futures trading, gold futures, Michael Seery, options broker, platinum futures, precious metal futures, Seery Futures LLC, silver futures

 Precious Metal Futures---  The precious metals this morning are sharply lower across the board due to the fact that the U.S dollar is soaring more than 40 points higher in early trade in New York with the Euro currency nearly down 100 points causing all of the commodity markets to open lower in early trade. Gold futures are down nearly 11 dollars an ounce in the June contract currently trading at 1, 651 still stuck in an incredibly frustrating tight trading range which is been very choppy over the course of the last couple of months and I still advise people to stay out of this market until a trend develops. Silver futures are lower at this point down another 45 cents an ounce in the July contract currently at 30.50 with the major support 30.00 and if that is broken you can see last December's lows of around 27.00 an ounce as the next major support. Copper futures which have been doing very well in the last couple of weeks are retracing some of those gains down nearly 700 points in the July contract to trade around 377.80 and what is blamed on profit-taking with the stock markets around the world lower plus a stronger U.S dollar makes it difficult for copper to rally during the trading session. Platinum futures and Palladium also trading slightly lower this morning also mired in a choppy sideways trade. In my opinion if you're going to trade in the metals the one play would be the silver market to the downside because the trend is lower with solid chart structure allowing to be able to place a stop without risking exorbitant amount of money especially if you do the mini contracts which are 1,000 ounces which equal $10 every penny if silver goes up or down. 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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