SubscribeDaily Futures Commentary COMMODITIES March 26, 2009
Thursday, March 26, 2009
METALS
April Gold is under a little pressure overnight but nothing too alarming. Mixed signals in the Dollar are for the most part being ignored by the gold traders. This market found support in a key retracement zone at 927.50 to 917.50. After posting a low at 918.40, the market looks like it could retrace back to 944.20 to 950.30.
The precious metals are still vulnerable to the downside as both April Gold and May Silver are losing the battle for investment dollars with the equity markets. Although inflation is going to be an issue at some time in the future, professional investors think it is too early to start buying. The public however, has been duped into going long for $2000 gold. This market should go down until the weakest long is blown out.
The reported increase in U.S. Durable Goods demand could be a sign the economy is bottoming. This news is likely the reason behind the gains in May Copper and April Platinum. Speculators are buying platinum and copper in anticipation of greater demand driving prices higher.
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