Technicals | Dec 20 2010
By Rudi Filapek-Vandyck
Technical market analysts at Barclays in London continue to hold positive views on gold and on crude oil, but especially on palladium as calendar 2010 draws to an end. Above all, however, they note how price charts for base metals have been lining up in a positive sense for base metals. Investors should thus expect higher prices for the likes of copper and aluminium moving into 2011 seems to be the underlying message.
For copper, the chartists are on the lookout for a break above the US$9268/tonne high to confirm the metal is on its way to target US$9500/t (a Fibonacci projection) into the end of the year and Q1.
For aluminium, the chartists believe once resistance at US$2375/tonne is broken, the metal can target November’s US$2500 high.
