Murali Sarma
Trade Guidance, LLC
Copper prices are flat amid low volumes and as Chinese demand gradually slows down. Three-month copper on the LME was up 0.1% at $7,680 a ton and Comex copper as of this writing was trading at 3.4975 just shy of 3.500. Stock piling by Chinese producers certainly has helped drive the price to the highest levels in a long while intraday price speculators like us here at TradeGuidance have been riding the coattails of the market makers who are driving these prices higher. A time will come when the stockpiling by countries like China will cease or run out of steam as price inflation rules. The demand is more conceptual at this point than real as world economies cautiously return to a methodical working structure.
At TradeGuidance, we have traded Copper successfully over the past few sessions and are currently long using this setup which still has room to float higher:
Silver
Earlier today, silver markets stalled at the 50-day EMA during the early trading session to consolidate some of the major gains accumulated on the previous day. The markets were quite volatile repeatedly testing these levels.The 50-day EMA [which we rarely use here at TradeGuidance (since we've always preferred a simple moving average) but is still worth noting] is around $24, which doubles up as the middle of the general consolidation. Additionally, there was a major upside movement on the last trading day in November 2020 as traders took a breather from a month of price runup from the interim bottom and profit taking from shorts. It appears too that the greenback is back today to try and make a run against its comparative basket of currencies. Buying pullbacks appears to be a workable trading strategy for intraday traders who could extend such positions to slightly longer-term bets.
We have traded Silver intraday and are currently holding this trade from the Suggested entry range:
Get to our website to request charts or ideas for any other instrument you may like for us to price analyze for your trading needs. We will attempt to do our best.
Risk Disclosure: Futures, forex, currencies and stock/options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Past Performance Disclosure: Past performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between actively monitored performance results and the actual results subsequently achieved by anyone using any trader’s newsletter service. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of actual or simulated performance results and all which can adversely affect trading results. Although TradeGuidance never presents hypothetical or simulated trade results, all trades presented can be in a simulated using back-testing to demonstrate similar results.
Recommended Content
Editors’ Picks
AUD/USD remains under pressure above 0.6400
AUD/USD managed to regain some composure and rebounded markedly from Tuesday’s YTD lows in the sub-0.6400 region ahead of the release of the Australian labour market report on Thursday.
EUR/USD holds above 1.0650 amid renewed selling pressure in US Dollar
The EUR/USD pair edges higher to 1.0672 on Thursday during the early Asian session. The recovery of that major pair is bolstered by renewed selling pressure in the US Dollar and a risk-friendly environment.
Gold retreats as lower US yields offset the impact of hawkish Powell speech
Gold prices retreated from close to weekly highs during the North American session on Wednesday amid an improvement in risk appetite. The bullish impulse arrived despite hawkish commentary by US Federal Reserve officials.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin price is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
Australia unemployment rate expected to rise back to 3.9% in March as February boost fades
Australia will publish its monthly employment report first thing Thursday. The Australian Bureau of Statistics is expected to announce the country added measly 7.2K new positions in March after the outstanding 116.5K jobs created in February.