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This Week Metal Review : May 23rd, 2011

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As usual, when new week starts, Pitguru Daniel Cronin keeps doing the job of analyzing information around Gold, Silver and Copper and shares with us. Just learn to know how these markets are going to be traded at and plan your business!

 

The Metals Review

For the week of May 23rd, 2011

 

Precious metals had a bit of a bumpy ride last week with Gold unexpectedly dropping to $1,470 only to recover some $40 to trade at $1,510 as this market still keeps on moving higher. Silver held steady at $35 per ounce after trying to get below $32 once again. I think the news about the European debt crisis coming back into the fold will surely hurt the metals here as the USD will gain great momentum this week. I will look for these metals to sell off in the beginning of the week on a strong USD. I say Silver will test $32 again. Copper has reached $4.13 on the COMEX where it is met with great resistance as prior support becomes resistance now. I will look for Copper to retrace back to below $4.00 after the news of the Greek bond issue. I feel this market will surely be sold on this news.

 

By the way, if you would like to know how crude oil, gasoline, financial, sugar, coffee,

and other related markets will be traded, just check at http://pitguru.com/Article.aspx?cmd=archive&day=23&month=5&year=2011

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