The Metals Review For the week of August 1, 2011 By Daniel Cronin Precious metals rallying to new heights last week in the gold market above $1,630 as investors felt fear from the Aug 2 deadline of the debt ceiling. With the debt issue now all but come to a reach I believe puts should be played this week as the market will see a rush to sell the yellow metal as fear gets taken away. Gold is already down $10 right now and will likely look to trade below $1,600. Copper looks to be a good buy here breaking above resistance levels and talk of low supplies on the LME. Look for this market to head higher this week. Disclaimer: Past performance is not indicative of future results. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Fundamental factors, seasonal and weather trends, daily news, and other current events may have already been factored into the markets. The use of stop loss or contingent orders may not protect profits and may not limit losses to the amount intended. Certain market conditions make it difficult or impossible to execute such orders.
