Mar 5, 2007

Monday Metals update

The pressure is still on and not abating as the Sell-off continues on Precious Metals. Traders closed urgently their losing positions in the Emerging Market and the domino's effect in full swing spilled over to Precious Metals. Markets love to exaggerate the moves and we are now coming to Support zone that if we break could send us much lower.

May Copper is on support zone around the 265.50 level and so is May Silver and April Gold respectively at 12.50/70 and 638/640. We expect the Market to take a breather around theses levels and try to bounce back. Precious Metals to stay under pressure this week going into the US Unemployment.

Trade Ideas: -We enter a Long April Gold position at $642 and are targeting the 650/652 area. Stop below 635.

-May Silver around 12.70 with a Stop below 12.50 and Target 13.30.

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