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Retracement Levels for Metals


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.


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 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.

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