The Great Cryptocurrency Conspiracy of 2018....The truth, the whole truth, and nothing but the truth about cryptocurrencies—and how Wall Street and Washington are covering it up....Register Here for this FREE Event

Sunday, June 30, 2013

Precious Metals Futures Weekly Update

The precious metals rallied on Friday afternoon but have been absolutely crushed this week with gold settling at 1,226 an ounce up around $15, however prices hit a new 3 year low this week trading as low as 1,179 and as I’ve been recommending in many previous blogs to be short the precious metals sector but at this point in time with extreme volatility & very poor chart structure I’m recommending to be taking profits and sit on the sidelines.

Silver futures finished up $.95 today at 19.49 in the July contract and as I stated in previous blogs I thought silver could hit the $18 level and it did trade as low as 18.18 in the early session today, however I still believe prices are headed lower and I would not be bullish the precious metals at this time.

Copper futures which I’ve been recommending short positions across the board finished at 3.0560 a pound unchanged for the trading day but I do believe prices are headed substantially lower from these levels as higher interest rates are keeping a lid on precious metals prices so look for copper prices to possibly hit 2.50 in the next month or so.

The trends have really been strong in recent weeks and if you been listening to any of my recommendations you have been doing extremely well and I do believe that commodity prices are still headed lower so take advantage of it by selling the futures contract or by buying bear put spreads limiting your risk to what the spread premium costs.

Trend: Lower – Chart structure: Terrible

Posted courtesy of our trading partner Mike Seery

Attend one of our FREE Trading Webinars

No comments: