The Metals Review for The First Week in The New Year

[flfutu28]

Have a short view of metal review for your new start in new year! By the way, let me take this chance to hope for new luck and success will come to all of us in 2011!

The Metals Review
For the week of January 3rd, 2011

By Pitguru Daniel Cronin

Precious metals continued to rally last week and will likely do the same this week as Gold traded up to $1,420 as investors gobbled up the yellow metal in front of the big resistance number at $1,430. Gold has been making W shaped patterns in this market now and will likely continue to head higher as prices have hugged the 50 day moving average at $1,375 only to bounce off and trade higher. I think Gold will test $1,430 this week and eventually break the mold. Silver also trading higher and I believe this metal can break the $30.70 resistance area this market has seen at this level thus far.

Copper had an unbelievable breakout above the $4.30 mark to trade up to $4.45 Friday and it feels like there is no stopping this market. It has now broken above 2007-2008 highs and looks like it is going to continue to move higher. I will look for a period of profit taking to try to get in on this market and to not chase. Somewhere around $4.35 to $4.30 would be a good entry level to me, if this can be attained.

Check out for the daily changes in gold prices, silver prices and other precious metal prices for help!

[amberrichards]

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