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Gold Prices Decline

GOLD / SILVER

Gold and silver were moderately lower overnight, but they stayed inside Thursday’s ranges. Chinese retail sales and industrial output data were disappointing, especially retail sales, which fell 1.1% in July versus expectations for a 0.1% increase. Gold and silver “rejected” their lows on Wednesday and followed through with further gains on Thursday in a manner that suggests they are ready to consolidate and possibly make a run at the recent highs. 

PLATINUM / PALLADIUM

One bright spot from the Chinese economic data overnight was a 12.3% surge in auto sales, which follows an 8.2% decline in June. The palladium market didn’t seem to react, as it responded by trending weaker overnight. December palladium is consolidating in a range between $2,411.40 and $2,090, with trendline resistance coming in at $2,339 and support at $2,132.3 on Friday. October platinum is also finding support, and a series of higher highs and higher lows indicate the uptrend off the March low is intact.

COPPER

Copper regained upside momentum this morning following Thursday’s abrupt change in fortune that took prices down to the lower portion of its recent consolidation zone before posting a very heavy loss. LME copper stocks saw another daily decline (42 out of the last 43 sessions), and they are approaching a multi-decade low.

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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