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 Silver Fail Resistance: Eyes on Copper Support
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Ardent Listener

4841 Posts

Posted - 05/12/2011 :  17:18:50  Show Profile Send Ardent Listener a Private Message
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"My eyes are on copper right now because it has struggled with its 50DMA for most of the year, and the metal is now struggling to hold on to support at the 200DMA. A break here could signal a significant follow-through in selling in the rest of the commodity space. I am not prepared to guess at the implications for the economy. For all I know, cheaper prices for commodities may be enough of a net booster for American corporate profits and consumer spending power to outweigh the drag on commodity-producing economies. On the other hand, it could signal that China, the noisy elephant in the trading room, has started quieting down and pulling back on its voracious consumption. Time should soon tell." disclosure. Please read.
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Think positive.
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