Copper Analysis 2012-05-10 with Gold

http://i46.tinypic.com/28aopqp.jpg

The end of last month we had a nice run up but halted at the green circle, and headed back down to find support. Is this area going to hold again?

I drew in a W which represents Winner. This second touch of support formed a double bottom or W. I can also show a bearish outlook because she did not retest the recent highs. Who knows.

The overall markets are at a breaking point. The S&P could have formed a Double Top and is slowly making lower lows. Not good. The Russel is showing a Head & Shoulders pattern and we are at the neck line. If we go below the neck, bombs away.

http://i50.tinypic.com/jt7wk6.jpg

Figured I would add Gold as well. As you can see we are in a downward channel. Until we break the upper trendline, we will continue headed lower.

What do u see for the future...

Where u from in NJ. Gloucester city, nj here.

As of now we have a whole lot of sideways action going. It could get ugly pretty quick though.

I am up NorthWest in Sussex County

I wonder how much of the price of copper is speculator driven. Now that I bought a 2 year membership the the GPAA, I'm sure gold will keep on dropping. That and all the people covering margin calls that were long gold!

So I take it that we should hold into copper and any gold bearing ewaste till markets stabilize?

I have said for a long time copper will not hit the 4-5 dollar mark so many think will happen. $3.60-3.90 is the norm. I will see the market bouncing in that area for awhile.

So if we are sitting on 300lbs of copper is it time to cash it in. I see BB is only 3.00 lb in my area.

Racer, where are you in ct? I might be able to hook you up with a friend of mine.

I'm in Southwest Connecticut. I go anywhere from Waterbury to Norwalk with stuff.

Call cable management and tell them Jim from High Voltage sent you. They are in meriden, ct.

He is at $3.23 last I checked

In NZ my Copper price for the last 4-5 months has been NZ$7.30 a Kg.

I go intoday & its $8.30 a Kg! (#2 & really really clean burnt wire)

Ok, I understand that it fluxuates because of the NZ$-US$ but thats only been a few cents drop in the last 2 weeks.

If the old addage "the trend is your friend" stands true than copper is dropping. However, if I had a crystal ball I would be a millionaire.

It passed the resistance level of $3.6 and I am betting it will get worse.