Wednesday, February 21, 2007

Metals Surge



Yesterday I was hoping we would get another day of selling so I could add to my long gold position but instead the metals exploded higher. Gold was up over 21 dollars for the April contract and Silver was up 39 cents. This is the largest daily gain for both markets in quite sometime.

Above we have a daily chart of the ETFs for Gold and Silver. Both of these ETFs posted their highest close in eight months. I'm still looking for GLD to test the highs from last may which comes in at 72. All my trailing stops were raised today to the lowest low in the last 15 days.

3 comments:

David said...

I too like what I see on the commodity front and went long on GSG yesterday. It did very well today.

-Thompson

Kevin said...

That's great David

Eric said...

im very bullish on metals and oils. metals more so than oil. FCX is a copper/gold play i bought into, had a breakout of a symetrical continuation triangle then gave a back test past couple days for a good entry point. love your posts kevin keep up the great work

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