Metals Review This Week: January 24th, 2011

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Be back with metal market, it will not take much of your time to review the market to learn valuable news for your trading. Let's see what Pitguru Daniel Cronin has noted for us!

The Metals Review
For the week of January 24th, 2011

The precious metals markets have seen shades of breaking down the last week as Gold and Silver got sold off, breaking some key short term support levels. Gold is trading $1,345 and broke the $1,370 on the downside and Silver trades $27.79 after slipping below $29.50. I believe these markets are looking to liquidate further and Gold has huge support at $1,320 so watch this level very carefully. I like this market in the long run as Gold has been positive for 10 straight years but this is just a bit of profit taking and if Gold gets below $1,320 it could see $1,270.

Copper came off a bit last week but still very healthy above $4.25 as this is the best performing market this year and for the past 2 years as prices have rallied from $1.25 in 2008 all the way up to $4.50 where there is huge resistance right now. Copper looks to stay in the $4.00 to $4.50 range but I would be a seller on any rally here as I believe the $4.50 number is just too powerful to get through right now.

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