We remained negative on silver and expect to see this market continue under pressure for the balance of the month. A 61.8% correction in Fibonacci terms takes this market back down to the 30.40 area on the spot market. With a trading score of -60 the is in an emerging trend to the downside. Only our long-term and daily Trade Triangles remains positive on silver. This particular indicator has done extremely well in the past. Long term traders should now be holding long positions in silver with appropriate money management stops.

GOLD (SPOT)
BIG PICTURE: Strong Trend -90
TRADE TRIANGLES: Monthly = Bearish| Weekly = Bearish| Daily = Bearish

This market seems destined to move down to test the 1620 area which is close to the 61.8% Fibonacci retracement level of 1617.34. With a trading score of -90 this market is in a strong downward trend. We are expecting gold to be on defensive for the balance of March. Presently we are negative on gold and we expected to trade down to lower levels. With all three of our Trade Triangles negative we expect this market to move lower. Long-term and intermediate term traders should be in short positions in gold with appropriate money management

COPPER (MAY 2012)
BIG PICTURE: Trading Range +75
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bearish| Daily = Bullish

A higher close today in copper negates the negative engulfing line. We continue to view the longer-term trend in copper as positive. The market action looks as though it has created a large base to move higher in the future.