jackfutu18
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Be back to metal market in this special week, just keep up with how they work to plan your business before spending time with your loved ones to enjoy X-max and New Year. Let's see what Pitguru Daniel Cronin has analyzed for you!
Precious metals, just like the energies markets, stayed pretty level last week as Gold had a range from $1,360 to $1,390. This market appears to be consolidating at the $1,380 level as traders buy on the recent dip. Silver prices stay above $29.20 as there is a great support level at $29 in this market. Spot palladium added 0.4 percent to $742.50 and immediate-delivery platinum increased 0.2 percent at $1,702 an ounce. These markets have been very quiet the past few weeks and I expect Gold to head to the $1,400 direction again as this market has an apparent bull flag as well on the technical analysis side of things.
Copper had a brief pullback to $4.10 before regaining momentum to trade higher, up to $4.22 and very close to the $4.25 resistance that was seen the previous week. This market just keeps on making new yearly highs and I believe any pullback can be purchased. Keep in mind that the $4.25 level is a big area so it will take some time to get through this mark, but when it does I can see $4.35 coming soon.
As ever, for the best support, the daily report on gold price should be checked up daily so that you can keep track with the changes on-time. Before leaving, I would like to wish a Merry Christmas and Happy New Year!
The Metals Review
For the week of December 20th, 2010
For the week of December 20th, 2010
Precious metals, just like the energies markets, stayed pretty level last week as Gold had a range from $1,360 to $1,390. This market appears to be consolidating at the $1,380 level as traders buy on the recent dip. Silver prices stay above $29.20 as there is a great support level at $29 in this market. Spot palladium added 0.4 percent to $742.50 and immediate-delivery platinum increased 0.2 percent at $1,702 an ounce. These markets have been very quiet the past few weeks and I expect Gold to head to the $1,400 direction again as this market has an apparent bull flag as well on the technical analysis side of things.
Copper had a brief pullback to $4.10 before regaining momentum to trade higher, up to $4.22 and very close to the $4.25 resistance that was seen the previous week. This market just keeps on making new yearly highs and I believe any pullback can be purchased. Keep in mind that the $4.25 level is a big area so it will take some time to get through this mark, but when it does I can see $4.35 coming soon.
As ever, for the best support, the daily report on gold price should be checked up daily so that you can keep track with the changes on-time. Before leaving, I would like to wish a Merry Christmas and Happy New Year!
