Written Commentary
GOLD / SILVER
While global equity markets generally tracked higher overnight and economic news from the euro zone was positive, overall market sentiment today could be dented as Congress pushes forward on impeachment. Surprisingly, a slightly higher dollar this week, has not held back gold and silver prices perhaps because some pressure from the US treasury market has abated after the noted price recovery off yesterday’s lows.
PLATINUM / PALLADIUM
Critical support in the April platinum is seen at $1,050 and a return to the January highs is likely before the end of the week. In palladium, the charts are negative, and the market is not getting favorable demand stories like platinum.
COPPER
On one hand, the copper market is threatened today by news that China saw its largest daily infection in 5-months but that negative for copper is offset by expectations of another month of significant Chinese export activity. It should also be noted that LME copper stocks continue to contract in the background and the euro zone overnight posted much better than expected November industrial production readings.
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