The metals are shining today as gold, silver and copper rally
The metals are shining today.Gold rose to a fresh high after the latest US 30-year auction, adding $2 to a $20 gain and rising to $2177 on the day. That's about $16 shy of last week's all time high.Copper and silver are looking to join the gold breakout. Copper is up 3.1% today in a break above $4 for the first time in seven months. Chinese smelters are struggling to find copper concentrates with stockpiles recovering from the lowest in at least a decade.There's something of an inverted head-and-shoulders pattern on the copper chart that targets $4.25/$4.30.Gold, meanwhile, is up 0.9% as it consolidates after an eight-day run to record highs. Heavy selling yesterday after CPI was met with buyers today on speculation that China's central bank is buying heavily, along with perhaps Russia and other BRICS countries moving away from USD reserves.Finally, silver is up 3.2% today and at the best levels of the year, though the bulls may want to see $26 break to confirm a broader rally in precious metals. This article was written by Adam Button at www.forexlive.com.
The metals are shining today.
Gold rose to a fresh high after the latest US 30-year auction, adding $2 to a $20 gain and rising to $2177 on the day. That's about $16 shy of last week's all time high.
Copper and silver are looking to join the gold breakout. Copper is up 3.1% today in a break above $4 for the first time in seven months. Chinese smelters are struggling to find copper concentrates with stockpiles recovering from the lowest in at least a decade.
There's something of an inverted head-and-shoulders pattern on the copper chart that targets $4.25/$4.30.
Gold, meanwhile, is up 0.9% as it consolidates after an eight-day run to record highs. Heavy selling yesterday after CPI was met with buyers today on speculation that China's central bank is buying heavily, along with perhaps Russia and other BRICS countries moving away from USD reserves.
Finally, silver is up 3.2% today and at the best levels of the year, though the bulls may want to see $26 break to confirm a broader rally in precious metals. This article was written by Adam Button at www.forexlive.com.
