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Metals Higher Despite Jobs Data

GOLD / SILVER

We continue to see gold and silver as vulnerable to further selling ahead, as damage to the charts has extended overnight and damage to bullish fundamental sentiment this week has been significant. Furthermore, the Dollar is showing signs of strengthening further and it appears that the gold and silver markets retain flight to quality longs likely to exit as political conditions calm down in the US.

PLATINUM / PALLADIUM

With the recent surge toward $1,150 in April platinum, we suspect that the net spec and fund long has now reached the highest level since the week before the initial March US lockdown notice. The palladium market has started the Friday trading session with fresh damage on its charts and a lack of internal bullish buzz and given more weakness in gold and silver prices we give the bear camp an edge.

COPPER

The copper market continues to show very impressive strength even in the face of slack US data, a recovery in the Dollar and less definitive economic optimism/evidence flowing from China. However, the bull camp is assisted by another week of net declines in Shanghai and LME copper warehouse stocks.

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