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Metals Under Early Pressure


Not surprisingly the palladium market has followed gold and silver down on the charts with the favorable buzz from the Pre-Fed period transitioned into a negative environment. While the platinum market continues to get the most favorable press coverage, it has not been exempted from the selling wave facing all precious metals markets today.


The gold market has come under pressure today following disappointment from the Fed results yesterday but also because of a fresh upside breakout in the dollar overnight. While the bull camp could have been cheered by the upbeat economic assessment from the Fed the better view from the Fed has reduced economic uncertainty and therefore, we expect some follow-through selling.


As in many other physical commodity markets, the copper market was disappointed by the lack of proactive action from the US Federal Reserve and it would also appear as if the trade has resurrected the idea that Chinese copper demand is set to level out after their aggressive rebuilding of buffer stocks.

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