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Metals Review from PitGuru

Discussion in 'Fundamental Analysis' started by Johnkitty, Jul 7, 2010.

  1. Johnkitty

    Johnkitty New Member

    Jul 7, 2010
    Likes Received:
    Precious metals once again rose to their highest levels before coming back down a bit as profit taking occurs with gold getting back to the $1,250 level after rising to $1,265. Silver was the real winner of last week as this market finally rallied passed the $19 mark signaling higher highs to come. I like the silver play better than gold right now so look to silver this week to lead the way in the precious metals department.

    Copper had a great end to the week, rallying above the $3.5 resistance level to $3.10 after Barclays came out saying the base metal will return to form. This is a bit odd however after the market got the news of weaker home sales numbers as this was the worst in a very long time. Funny how the market ignores the fundamentals of what’s going on right now so I believe this market should get back to $2.95.

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