GOLD / SILVER
In the bull’s defense the gold market this morning has managed to bounce $70 an ounce from the overnight low but as of this writing prices remained in negative territory. Similarly, the silver market suffered a significant wash but seemed to find some value at the $25.00 level on the charts.
PLATINUM / PALLADIUM
Not surprisingly, the PGM markets have declined in sympathy with the weakness in the gold and silver markets and it is likely that continued selling in those outside markets will allow for additional follow-through down today. The platinum market is also under a technical liquidation threat again today following yesterday’s sharp reversal/range down move and extension down early today.
In retrospect, the bull camp in copper has to be disappointed with the action so far this week, as new highs in various US equity markets, an extension of positive Chinese data flow and suggestions from the US Chief economic advisor that the US/Chinese trade deal is fine, failed to support prices.
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