Ladies and Gentlemen Copper has just broken lows forged on March 19 this year at $2.90 and is trading down at $2.8685 Bid. This is a major technical breach in sympathy with Crude which is really killing the entire commodity complex. Silver as mostly always, has followed Copper, and at its low has been down 2.7% at $15.77 Bid and has lost its important $16 handle. From a profile perspective, $15.90-$15.98 is where the sellers will now be lined up. Its trade rage boundary is down at $15.44 so this will really be generating some fear and doubt amongst the Longs. Gold is holding the $1,178 level, and will probably find support down at $1,174 ahead of the Swiss referendum (maybe). The EUR & AUD have both moved back up to the cusp of their trading ranges, but are showing no willingness to run higher at this stage. AUD understandably has backed off those levels once Copper and Silver snapped. Hope you are all making money out there...;) As a postscript I would add that the only significant profile point down here in Silver in the $15 handle area under $15.90 and over $14.90 is in fact $15.22. There are no defining features to guide price down here but fear, so be careful.
Posted on: Fri, 28 Nov 2014 14:16:00 +0000
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