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Metals - Mar 15,2010
Sunday, March 14, 2010
by PitGuru.com Authors of PitGuru.com
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The Metals Pit Review For the week of March 15th, 2010 By PitGuru Daniel Cronin Precious metals had a very tough week as prices pulled back significantly with gold trending down to $1,100 and silver briefly trading below $17. The USD slid by a very small percentage against other major currencies but this did not affect the gold market as prices still declined. Silver still looks to be the better play with prices stabilizing better than gold, but it is interesting how the Euro seems to be breaking out a bit from the USD trading at $1.3760 - its highest level in 3 weeks. Gold cannot muster any movement to the upside. I still see gold trying to trend lower below $1,100 before getting back on its feet. Look to buy some dips below $1,100 here with silver a potential play at $16. Copper has really had a tough time trying to get through the $3.50 level as prices are slowly tilting down to the $3.30 mark. If you look at the daily chart you will see lower highs with lower lows as this indicates a downward trend with the slow stochastics still pointing down. Look at short positions this week, aiming for a chance to buy back at lower prices later on.
Recent articles from this author
- PitGuru.com's Grains Analysis: Feb 06, 2012 - Sunday, February 05, 2012
- PitGuru.com's Grains Analysis: Jan 23, 2012 - Sunday, January 22, 2012
- PitGuru.com's Grains Analysis: Jan 03, 2012 - Monday, January 02, 2012
- PitGuru.com's Grains Analysis: Dec 19, 2011 - Sunday, December 18, 2011
- PitGuru.com's Financials Analysis: Dec 19, 2011 - Sunday, December 18, 2011
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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