GOLD / SILVER
While the charts in gold still favor the bull camp, the market appears to have stalled just under the $1,800 level with a likely key pivot point today seen at $1,787.80. In a positive overnight development, the IMF released its June central bank gold transactions report, with Brazil and Uzbekistan increasing holdings while Poland saw its central bank gold holdings decline. The silver market like gold also appears to be held down by psychological/even number resistance at $24.00.
PALLADIUM / PLATINUM
In a nutshell, the palladium market suffered a significant beating in the Tuesday trade and sheer downside momentum could easily push prices down to $2,452. Obviously, the trade is concerned about a setback in global auto sales especially given a softening of US retail sales for July. Like the palladium market, the platinum market also came under heavy selling pressure yesterday but forged the declines on only a moderate increase in trading volume.
While copper traded higher to start today, the market gave up those gains in the face of a series of bullish fundamental headline developments. Apparently, China reportedly posted an increase of copper concentrate imports of 5.15% for July (versus year ago levels) and there are reports of copper production problems in China, and therefore the bull camp should be discouraged with the price action.
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