The Trend Is Higher In The Precious Metals
NEW YORK (July 16) )Precious Metal Futures- The precious metals in New York are higher across the board with gold in the August contract up $9 currently trading at 1,292 an ounce right near a 3 week high trading above its 20 day moving average with major resistance right at 1,298 & if that level is broken I do believe that gold prices are headed higher at this time. The U.S dollar is down 33 points in early trade which is propping up many of the commodity markets including the precious metals with silver having another quiet trading session, however its trading higher by $.13 at 19.97 above its 20 day moving average with major resistance at 20.25 an ounce and if that level is broken I think silver could possibly go back up to the 23 - 25 level.
Tomorrow Ben Bernanke's speaking and that could propel the markets even higher if he continues to print money while many the commodity markets seem to have bottomed at this point in time. Copper prices are higher by 450 points in the September contract at 3.19 a pound also at 3 week highs with all 3 of the precious metals have outstanding chart structure as well and I'm advising to be long the silver and gold markets making sure you place a stop below the 10 day low minimizing your risk in case this is a false breakout to the upside.