Gold, Silver & High Grade Copper Futures All Give Buy Signals

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The metal complex rallied today (1/25) with gold, silver and high grade copper futures all closing higher.

Gold futures’ rally gives me a fresh buy signal for the February contract on the daily chart.  This is the third buy signal gold has shown since the trend changed to the upside in mid-January.  On the monthly chart, in order to confirm a longer-term upwards move, gold must close above the 1770 level.

Silver (March) futures also issued a buy signal on the daily chart.  This is also the third buy signal for silver since the trend changed to the upside. 

This higher close for March high grade copper futures is copper’s highest close since September of 2011 and generates a fresh buy signal on the daily chart.  This is the third buy signal copper has given since the trend changed to the upside at the beginning of January and comes after several trading sessions of apparent consolidation.  Taking a look at the weekly chart copper changed trends to the upside and has closed above its 100-period SMA.  So far this month high grade coppers is showing a King’s Cross counter-trend buy signal which suggests copper may be on its way to test its highs if not make new highs.  Copper is said to have a “PhD in economics,” meaning that oftentimes the price of copper indicates where the economy is headed.  All the indices are in uptrends and the Dow indicated a buy signal on the daily chart today.

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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.