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Retracement Levels for Metals

GOLD / SILVER

December gold found support at a major retracement level and now appears to be consolidating its recent losses. The market broke hard earlier this week on some good “news” from Russia on the vaccine front, which in retrospect the markets may have overreacted to. December silver briefly penetrated the

50% retracement of its June-August rally but clear rejected that level with a sharp bounce, and it continued its gains overnight.

PLATINUM / PALLADIUM

December palladium staged a modest recovery off its lows on Wednesday and held those gains overnight, finding some support from stronger Chinese car sales last month. October platinum also broke through retracement support on Wednesday and then rallied back above it, so one could argue it has rejected this week’s break as well.

COPPER

Copper prices are finding significant pressure from additional long liquidation this morning, but they continue to hold within the upper portion of Wednesday’s wide-sweeping range. While not as volatile as gold and silver, the copper market has been on a bumpy ride this week as it remains well clear of the recent lows.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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