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Metal Market Review for This Week : January 10th, 2011


fltraz22
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New week comes, to have a good start we just have a look at the metal review Pitguru Daniel Cronin before going around others futures markets to have a full view to plan trading.

 

The Metals Review

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.

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