Comments for September 1, 2009
By Rick Alexander
01 September 2009 @ 03:05 pm EDT
METALS: 09/01/09 Higher settlement Monday for silver but lower for gold, copper and platinum. All of the metals continue to be in uptrends overall in choppy daily action. Copper settled sharply lower after breaking out of a bull flag to the upside on Friday taking out the lows of the last five trading session. Still, this market is in a strong uptrend overall. Gold broke out of its BULL PENNANT on Friday and still is in a large BULL TRIANGLE with its gradual uptrend still in tact. Silver had its highest high and close in two and one half weeks getting through a good part of a resistance area that started around 1450 basis the December contract. A close over 1500 would look very good. Platinum settled lower but its highs and low lows are converging and a breakout in either direction is imminent. However, like the other metals, its trend is still higher.