Commodities Jumped, Will They Continue Higher?

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Commodities Jumped, Will They Continue Higher?

Post  harpal1980 on Mon Sep 07, 2009 1:00 am

Commodities grabbed news headlines last week, as Gold, Silver and Platinum all presented sharp moves higher. The moves came as traders jumped into these safe-havens, prior to the closely watched employment result that was scheduled to be released on Friday. Gold presented an enormous intraday break up and moved up by $34 dollars per ounce this week or 3.7%. This precious metal tested the $1,000 mark, but failed to break the level on Friday, after the employment report. In addition, silver broke out to new highs for 2009, smashing through trend line resistance to close at $16.23 for the week. Silver had an outstanding move for the week, moving up by $1.45 an ounce (9.8%), to close around major resistance. One must note that Gold and Silver are now currently trading around major psychological resistance. Even though a correction is expected around current levels, a break of current levels by the two commodities will confirm a continuation of both the trends.

Gold and Silver Correlation

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