Wednesday, April 27, 2011

Support being tested

Copper and Silver are close to testing short-term support levels — if those go it could accelerate selling.    $USDX has some early strength which of course is not helping the commodities.
Copper bounced right on our support line and “short-term bottom” call from last week — the more it tests it now the weaker it becomes.

Silver also threatening to break-down out of the 44.61 support.

Lots of Fed appearances today so as we wrote in our newsletter last night, not a bad time to step off the pedal and take it easy.

Update:  Ben, the dollar killer, out with FOMC decision and commodities catching a bid and USD resuming death spiral.   Next up press conference at 2:30 PM.