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Mostly Lower Metals Prices


With a slightly softer price track early, slightly stronger dollar action and a lack of global economic optimism, the bear camp has the edge in gold and silver to start today. In a sign that investment interest in gold and silver continues to be soft, gold ETF’s yesterday added a mere 12,599 ounces, while silver ETF’s reduced holdings by 768,929 ounces.


Obviously, chart action in the platinum market to start the trading week favors the bear camp, with bullish buzz toward platinum seemingly missing early this week. The palladium charts suffered fresh damage yesterday and in the event the rest of the precious metals complex remains under pressure we see a slide to consolidation low support targeting of $2,307.50.


While the copper market showed little direction yesterday with an inside day range, prices this morning are sliding lower and a return to consolidation low support is likely unless a surprisingly positive shift in global sentiment is seen.

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