jackfutu18
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New week starts, you guys may wonder what's the metal market going on. As usual, just have a look at this market with Pitguru Daniel Cronin!
Precious metals dropped very early to start the week as many took profits above $1,400 in Gold and $30 in Silver. Gold came down to the 200 day moving average at $1,365 and have been consolidating at this level for the past few days now. This market can go either way here but a good play could be to look at straddles as I believe prices will either move sharply higher or sharply lower from this level. The next support level on the downside in gold is $1,320.
Copper also came off of its yearly high as the base metal traded down to $4.20 after rallying to $4.50 the previous week. A lot of profit taking occurred but this week will be a week to value buy on the dip so look at long opportunities in this base metal here and even around $4.00 if it can get there. Copper needed some liquidation and I believe this is a great opportunity to buy.
By the way, check out other interactive futures market reviews for help!
The Metals Review
For the week of January 10th, 2011
For the week of January 10th, 2011
Precious metals dropped very early to start the week as many took profits above $1,400 in Gold and $30 in Silver. Gold came down to the 200 day moving average at $1,365 and have been consolidating at this level for the past few days now. This market can go either way here but a good play could be to look at straddles as I believe prices will either move sharply higher or sharply lower from this level. The next support level on the downside in gold is $1,320.
Copper also came off of its yearly high as the base metal traded down to $4.20 after rallying to $4.50 the previous week. A lot of profit taking occurred but this week will be a week to value buy on the dip so look at long opportunities in this base metal here and even around $4.00 if it can get there. Copper needed some liquidation and I believe this is a great opportunity to buy.
By the way, check out other interactive futures market reviews for help!