Precious Metals Hit New Highs
NEW YORK (Aug 24) Precious Metal Futures-- The precious metals have skyrocketed this Friday afternoon with gold right at new highs up $25 at 1,396 an ounce hitting an 8 week high and as I wrote in previous blogs I am recommending to get out of the metals because I do believe with higher interest rates coming that prices will head lower but I'm not recommending a short position just if you are long I would take profits and sit on the sidelines and wait to see what develops as many of the commodity markets were sharply higher this Friday afternoon.
Silver futures which I have been recommending a long position for quite some time but now I want traders to sit on the sidelines up another $.72 at 23.79 as the bullish momentum does continue, but with very poor chart structure at this time I still think that prices are due for a correction.
Copper prices were up 200 points basically really the lack luster trade this week at 3.35 a pound as the stock market continues to head higher with solid Chinese demand at this point pushing up prices, but at this point in time I'm still recommending to sitting on the sideline in copper and take profits but don't go short and see what develops over the next couple of weeks. The U.S dollar has been rising in recent days due to the fact that interest rates have been going up and that is pessimistic commodity prices but on a day like today sometimes things just happen & prices go up for no reason.
TREND: HIGHER -CHART STRUCTURE: EXCELLENT