Metal Market Review for This week : March 28th, 2011

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The Metals Review
For the week of March 28th, 2011

Precious metals had a peculiar week. Gold rallied to new heights over $1,445 but had no real conviction in keeping the price above there and has subsequently pulled back $25 right now to $1,422. Silver had also rallied above $37 and was looking poised to continue its run but it too faded a bit. Like Oil and the energies, I believe this market will try and sell back down to support of $1,400 so look for a potential liquidation to start the week as prices will drift lower as the USD strengthens against other major currencies. Copper looks to be ready to head back down to $4.30 as well so look for this base metal to react the same with equities, starting the week potentially lower as well.


***chart courtesy Gecko Software’s Track n’ Trade Pro
Past performance is not necessarily indicative of future results.

You have just checked out the metal market this week, I hope that the notable points that Pitguru Daniel Cronin has noted for you guys will help for your trading. Since traders need to have a good understanding of not only the market they trade but also related ones to make clever decisions, besides metals, you can have a look at other market reviews to have a full view of what will be going on in the futures trading floor.