Precious metals weaker across the board
(futuresknowledge.com) - The precious metals in New York today are weaker across the board, with gold down $17 an ounce in the April contract…currently trading at 1,672 as traders are taking profits from the recent run-up in prices – while gold right now is currently trading right at its 20-day moving average. It is getting further away from the critical 100 day moving average, which stands at 1,721. In my opinion, I still believe precious metals are still headed higher.
Silver futures for the March contract are down $.70 today at 31.73 an ounce, trading lower for the 1st time in 8 days…also blamed on profit taking still trading above its 20-day moving average – while still below its 100-day moving average which is at 32.67. I’m still extremely bullish the silver complex. However, once in a while you need a down day and that is exactly what is happening today. So I am not putting a whole lot of meaning into today’s action.
Copper futures for the March contract are unchanged, still stuck in a sideways range…currently trading at 3.68 unable to climb above 3.70 even with all of the solid economic news coming out last several weeks.
The platinum futures, which has been the strongest of the complex, is down $9 in the April contract at 1,682. It is now trading above gold once again, finishing lower for the 2nd consecutive day and is having a very difficult time crossing the $1,700 level. It has tried about 6 or 7 times, and has been unable to break through…so traders are taking profits as well today.
The U.S dollar is lower against the Euro currency today, but that is not having any effect on precious metal prices…which generally is bullish – but today traders are booking profits waiting for some new fundamental news to enter this market.
My recommendation at this point is be long gold, silver, platinum, and palladium because I still believe they are all headed sharply higher from these levels. While the copper market at this point in time is pretty neutral. So wait for a trend to develop before entering that market
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