Written Commentary
PRECIOUS METALS
Gold/Silver:
The massive range down trade to the lowest level since December 16th yesterday in gold certainly alleviates a portion of the dramatic overbought condition into the most recent record high. Furthermore, reports that Ukraine attacked Russian president Putin’s residence has reduced prospects of a peace deal, and with the US president yesterday threatening to sue the Federal Reserve Chairman over incompetence with respect to remodeling Fed headquarters and the prospect of renewed weakness in the dollar should provide a solid base of fundamental support in February gold at $4350.20.
BASE METALS
Copper:
While yesterday’s sharp rally to the highest level since the end of July points to the ongoing existence of a strong bull trend, yesterday’s large washout was forged on a significant jump in trading volume and a decline in open interest which suggests a short-term profit taking bias could linger in thinning conditions.
Interested in more futures markets? Explore our Market Dashboards here.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
