GOLD / SILVER
Gold and silver gained overnight on dollar weakness after reports that House Speaker Pelosi and Treasury Secretary Mnuchin were talking about a comprehensive coronavirus relief package, apparently with the blessing of President Trump. This pushed gold through a trend line overnight but not dramatically so, and clearly the situation remains volatile after all the back and forth this week.
PLATINUM / PALLADIUM
The fact that both platinum and palladium were higher overnight suggests that their gains stemmed from optimism about a possible coronavirus relief package as opposed to supply/demand fundamentals specific to either market.
Copper has maintained its momentum after Wednesday’s upside breakout, but it faces an event-filled session today. The December contract stayed inside a fairly tight range yesterday with Chinese markets still being out on holiday, finishing the session with a modest gain. Overnight it posted moderate gains and reached a new 2 1/2 week high.
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