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Metal Market Review for The Week

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How does the metal market continue working this week? Ask Pitguru Daniel Cronin, our expert will help us understand of what will happen around this market and futures trading floor!

 

The Metals Review

For the week of April 4th, 2011

 

Precious metals had a mixed week last week trying to trade to new heights. The gold market hit at $1,449 before losing its footing and sliding back to $1,415 only to rally back up to $1,440 where the price sits right now. The way I see it, dips can be bought in this market as the chart looks like it might realize higher highs and higher low. To me silver is the strongest of the metals and is actually making new highs here breaking through $38 as this price has been on fire since last year, rallying more than 100%. I think all metals will continue to rally as the USD gets weaker against other major currencies as the Euro/USD has flown by $1.42 and is on its way to the $1.43 handle. Look for Gold to make new highs again this week. Copper is still under the liquidation mode and even though the equity markets have rallied Copper has still fallen below $4.25. I like this base metal below $4.20 as a buy with great support at $4.10

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