The Metals Review for The Week of January 24th, 2011


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As usual, Pitguru Daniel Cronin has collected and shared the latest news on the metal market for traders and investors to support their trading. Now, let have a short view of the market and plan things for the new week.

The Metals Review
For the week of January 24th, 2011​

The precious metals markets have seen shades of breaking down the last week as Gold and Silver got sold off, breaking some key short term support levels. Gold is trading $1,345 and broke the $1,370 on the downside and Silver trades $27.79 after slipping below $29.50. I believe these markets are looking to liquidate further and Gold has huge support at $1,320 so watch this level very carefully. I like this market in the long run as Gold has been positive for 10 straight years but this is just a bit of profit taking and if Gold gets below $1,320 it could see $1,270.

Copper came off a bit last week but still very healthy above $4.25 as this is the best performing market this year and for the past 2 years as prices have rallied from $1.25 in 2008 all the way up to $4.50 where there is huge resistance right now. Copper looks to stay in the $4.00 to $4.50 range but I would be a seller on any rally here as I believe the $4.50 number is just too powerful to get through right now.

Check for more reports on other futures weekly reports for help!
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