Written Commentary
GOLD
December gold futures are lower today after a strong performance on Friday, although the 2660.0 support level is holding.
Much of the pressure on gold is linked to strength in the U.S. dollar index, which advanced to its highest level since August 8.
Traders are awaiting more economic data, including retail sales reports and remarks from Federal Reserve officials for further insights. Meanwhile, heightened geopolitical tensions in the Middle East continue to underpin gold’s appeal as a safe haven asset.
SILVER
December silver futures are lower today after higher prices over the last several trading sessions. There has been increased volatility as traders react to stimulus announcements from China over the weekend and the uncertainty of the Federal Open Market Committee’s path to additional accommodation.
COPPER
December copper futures dropped below $4.40 per pound, nearing the two-week low. This decline was fueled by pessimistic economic signals from China, which have increased doubt on the demand outlook from the world’s largest consumer of copper.
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