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The Week Metal Market Review : April 18th, 2011

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Be back the futures market to check out metal review by Pitguru Daniel Cronin to see how Gold, Silver and Copper market keep working.

 

The Metals Review

For the week of April 18th, 2011

 

Precious metals had another great week as both Gold and Silver continued to make new highs with Gold now over the $1,480 mark and Silver above $43. Very interesting to start the week as well with these metals only down fractionally when the Euro/USD was getting hit down (stronger USD) below $1.4260. The question really remains, how long can these metals sustain their current growth? It really doesn't look to me like anything is going to change soon so look for Gold to have great support around $1,450 as it makes its way to the illustrious $1,500 level. Silver bugs have been talking for weeks now of a straight ride to $50 and this looks pretty much par for the course in my opinion.

 

Copper once again coming off of a good rally last week as prices continue to head south as the equity markets begin to slide. I think the base metal has great support at $4.10 and I believe this is where it is headed next as all of the steam to the upside has been lifted from this market and is getting exhausted right now to the downside.

 

4-18-11%20gc.jpg

**chart courtesy Gecko Software’s Track n’ Trade Pro

Past performance is not necessarily indicative of future results.

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