Metals - Nov 16,2009
Sunday, November 15, 2009
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review For the week of November 16th, 2009 By PitGuru Daniel Cronin Precious metals rallied once again last week but this has been its worst performing week in the last three. I guess you can't always have $50 moves in the gold market. Nevertheless, gold was still up 1.9% to $1,116/oz and Platinum is testing the $1,400/oz level as prices gained more than 2.8% to $1,388. Silver actually stayed unchanged as prices traded at $17.36, almost the same exact price the market saw last Friday. This has been a very interesting story as gold has been rallying hard while silver has been lagging behind. Let's see if this trend still continues into the week here. Copper was still range bound from $2.90 to $3.00 last week. This market needs some type of catalyst whether it is a rally in the equities or a Chinese demand increase because the copper market hasn’t done much in the past few weeks. I believe you will see gold charge up higher again with the weakness in the USD continuing against other major currencies. It looks like the Euro/USD is headed back to the $1.50 level after briefly testing a $1.4750 low last week before rallying back up. Gold last week touched great support at $1,100 and rallied back up as investors bought the metal ahead of that technical number, so I believe a test of the previous high of $1,023 is in order. Copper will break out this week and I think it wants to make another run at the upside here. It just seems like it has been consolidating for a few weeks here at the $2.90 level and if the market sees any good news or the equities keep on rallying then Copper can break the $3.06 resistance the market has seen. Look for any news this week from China on the Copper markets. This will be vital to the price.
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About the author
Daniel Cronin - PitGuru.com's Energies & Metals Guru Daniel Cronin has spent years on the floor of the Nymex as part of one of the largest energy floor brokerages in the business. His extensive experience stems from not only his Pit background but also through intense studying and implementation of complex technical analysis and market trading techniques via the mentorship of the now retired Ralph Acampora. Mr. Cronin brings subscribers a rare combination of book smarts and real world trading experience in one of the most volatile market sectors in the futures industry. Matthew Pierce - PitGuru.com's Grains Guru Mr. Pierce is a unique acquisition for Futures Press Inc. in that he has an unmatched level of real hands-on experience within the industry in addition to his floor trading expertise and top notch education at the University of Illinois College of Agriculture. Matthew has literally cultivated the perfect professional career as a grain expert by working with the industry's most recognizable companies such as Cargill, LaSalle Group, Conagra, Walsh Trading Inc. and many more. In addition to trading on the floor of the Chicago Board of Trade, Mr. Pierce writes what many in the business believe to be the best kept secret amongst trading reports available in the industry. Jurgens H. Bauer - PitGuru.com's Softs Guru Jurgens owns and operates his own order execution firm on the ICE trading floor. He has been a member since 1987. His firm, Jurgens Bauer and Associates, specializes in executing option orders for a wide array of customers and a variety of industry participants, including individual speculators, funds and members of the trade. While Jurgens has been an active member of the trading community he has also spent time since 2000 working at raising awareness of environmental commodities, educating industry professionals on emissions trading, brokering transactions between private counter parties and developing SO2 and NOx contracts for the NYMEX. Frank LaMantia - PitGuru.com's Financial Guru Soon to be Dr. LaMantia, Frank is not only one of the most educated traders on Wall Street, but also maintains an industry resume of substance and depth. Frank has worked extensively on an Institutional preferred stock syndicate desk, as a government bond specialist, and as a financial advisor all the while achieving multiple licenses in the finance field. With an extensive and impressive client list (including Citibank, Bear Stearns, Lehman Brothers, AG Edwards, Mesirow, UBS, and numerous Hedge Funds), Mr. LaMantia brings his one-of-a-kind background to his current occupation of full time trader.
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