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Gold Futures Higher Outlook


Gold prices are finding some traction this morning in the wake of a risk off global trade in equities, official recession labeling for the US economy and because of the markets capacity to reject sub-$1,700 pricing for a second day in a row. In a slight psychological negative for gold this morning, ETF’s sold gold for the 3rd straight day yesterday bringing this year’s net purchases down to 17.4 million ounces.


While the palladium market forged very impressive action to start the new trading week prices are off this morning in the wake of waning global economic sentiment. However palladium should be in a position to make some gains off improved hope for a recovery in auto catalyst demand following very positive jobs data from both the US and Canada over the last week.


Despite a partial risk off condition in global equity markets this morning, news that Chile’s largest copper producer saw its April production rise sharply (despite the virus shutdowns) and a series of discouraging global export/import readings for May, the copper market has forged another higher high for the move.

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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.

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