Precious Metals Higher Despite A Soaring Dollar

09 Mar in Blog, commodity trading, copper, futures broker, gold, palladium, platinum, silver

Precious Metal Futures-- the precious metals today rallied after early a sharp selloff in gold and silver due to a strengthening dollar, but reversed to rally sharply higher for the day with gold finishing up $13 dollars at $1,712 an ounce with silver reversing a $.70 loss in early trading only to rally up $.43 cents to finish at $34.25 an ounce in heavy trade. The U.S dollar was up 90 points today with the Euro currency down over 160 points and usually when that happens you will see commodity prices head to the downside especially metals and energies, but today had the opposite effect today selling off early and then rallying on the close. Copper prices were up 700 points to close around 386.50 a pound also in heavy volume in New York today. I am very impressed with today's action because of the fact that the metals reversed on a 90 point up day in in the dollar which is a huge move tells me there is real strength and tells me that this market has investors willing the by the precious metals at lower levels. Platinum futures rallied as well today reversing earlier losses to finish higher finishing higher by $30 an ounce close around 1686.8 an ounce while palladium continued its bullish tone to finish up another nine dollars to close at 708.40 for the third straight day after Tuesday's big downturn prices. The metals continue to show incredible volatility on a day-to-day basis and at one point today gold sold off $16 and 1/2 half later was up $15 dollars, that's why some people should play the option market because it might be better for some investors because it could limit your risk if you purchase the put or call also meaning these daily swings wont effect you as much. Resistance for gold futures for the April contract is around $1,730 while in silver resistance is all the way back up the contract highs around $37.50 ounce which is still over $3 dollars away so you might see choppiness in the metals. In the next couple weeks gold and silver could be trying to form a base and might regain solid chart structure instead of straight up and straight down but only time will tell. If you have any questions about trading gold and silver please call Michael Seery at 800 – 615 – 7649 and he will be more than happy to spend quality time with you.

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