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The Metal Review This Week : May 16th, 2011

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When you are a futures trader, among of the trading futures techniques that you need to learn is how to keep track with the market so that you can make right on-time decisions. Back to the metal market, Pitguru Daniel Cronin will help you do this task.

 

The Metals Review

For the week of May 16th, 2011

 

Precious metals kept on liquidating this last week with Gold settling below $1,500 and Silver lower to $34 as the USD strengthened against other major currencies. The Euro/USD is now trading at $1.41 which is down considerably from three weeks ago from a high of $1.4925 as all commodities have been falling. The Silver trade looks to be over for now with the price falling from $49 to $32 as that is a huge decline. I believe Silver will hover around the $30 mark now as it tries to find some support. I think Gold has support at the $1,475 level so watch this mark carefully as it is almost near there already at $1,488. Copper held the $3.85-$3.90 support and is now up to $4.00. I will look for this market to still trade between $3.85 and $4.05 until it builds another solid base.

 

For more information on Crude oil, Gasoline, Cotton, Finance market and check for the Silver chart at: http://www.pitguru.com/Article.aspx?cmd=archive&day=16&month=5&year=2011

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