Metals Review for The First Week of New Year

[fltraz22]

"Precious metals continued to rally last week and will likely do the same this week as Gold traded up to $1,420 as investors gobbled up the yellow metal in front of the big resistance number at $1,430. Gold has been making W shaped patterns in this market now and will likely continue to head higher as prices have hugged the 50 day moving average at $1,375 only to bounce off and trade higher. I think Gold will test $1,430 this week and eventually break the mold. Silver also trading higher and I believe this metal can break the $30.70 resistance area this market has seen at this level thus far.

 

Copper had an unbelievable breakout above the $4.30 mark to trade up to $4.45 Friday and it feels like there is no stopping this market. It has now broken above 2007-2008 highs and looks like it is going to continue to move higher. I will look for a period of profit taking to try to get in on this market and to not chase. Somewhere around $4.35 to $4.30 would be a good entry level to me, if this can be attained."

 

You have just reviewed the metal review of the first week of New Year analyzed by Pitguru Daniel Cronin. The information shared will help you plan your business in the new week. By the way, get daily update of silver prices, gold prices, copper prices and other futures prices for help! I hope that all of us will have a great trading week as a good signal for a whole successful year. Good luck!