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-- Posted Friday, 31 December 2004 | Digg This Article
METALS: OVERNIGHT CHANGE to 3:45 AM: London Gold Fix $435.15 -$6.10 LME COPPER STOCKS 49,375 metric tons -875 tons COMEX Gold stocks 5.795 ml +3,472 oz COMEX SILVER stocks 103.5 ml -653,298 oz OVERNIGHT ACTION: Follow through selling in China overnight despite a weaker Dollar. GOLD: Market Closed for Holiday. SILVER: Market Closed for Holiday. METALS TECHNICAL OUTLOOK 12/31/04 SILVER (MAR): Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close below the 18-day moving average is an indication the longer-term trend has turned down. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upside target is 692.5. The next area of resistance is around 688.0 and 692.5, while 1st support hits today at 679.5 and below there at 675.5. GOLD (FEB): A positive indicator was given with the upside crossover of the 9 & 18 bar moving average. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The close below the 18-day moving average is an indication the longer-term trend has turned down. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 442.9. The next area of resistance is around 440.9 and 442.9, while 1st support hits today at 435.9 and below there at 432.8.
To those of you who have emailed or commented on the daily commentary regarding price manipulation: our daily comments are strictly to provide our customers and subscribers with news, which may influence the markets marginally on a day-to-day basis. This is not the forum to address price manipulation.
There are multitudes of ways in which one can participate in a bullish or bearish perspective in the metals complex. Mining shares as well as purchasing bullion are just a few. Another investment of choice is through futures and/ or options on futures contracts. If you have traded, then you will be able to appreciate the brokerage service that Nell Sloane and Group can offer. If you have not, and wish to learn more about it, please feel free to contact her staff so that they can forward you some educational literature for your review. Please contact Nell Sloane or a member of her team at 800 238 2610.
-- Posted Friday, 31 December 2004 | Digg This Article
***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully consider the inherent risks of such an investment in light of their financial condition. Any reproduction or retransmission of this report without the express written consent of Hartfield Management, Inc. is strictly prohibited.
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