GOLD / SILVER
With signs of early buying in the dollar and periodic negative divergence with silver and the rest of the precious metal markets, the gold market feels like it lacks significant bullish resolve and could be vulnerable in-the-event that equities falter and or the dollar returns to last week’s high.
PLATINUM / PALLADIUM
It would appear as if leadership in the PGM markets has shifted again with palladium showing notable strength Friday and the market opening sharply higher today and spiking up to the highest level since January 29th. Therefore, it appears as if palladium has bullish momentum and has begun to track positively with platinum in a fashion that suggests spread trading has given way to outright long speculation.
In retrospect, the strong finish last week seemed somewhat out of place for the copper market as exchange warehouse stocks increased last week, the US nonfarm payroll report was a little disappointing and indications on the Chinese migration for the holidays are for less travel.
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