Written Commentary
GOLD / SILVER
At least in the early going today it would appear that gold and silver prices are likely to post significantly narrower trading ranges to end the week. Similarly, the dollar did not show definitive direction overnight and appears to have settled into a tight 3-day consolidation range.
PLATINUM / PALLADIUM
With a new high in palladium prices Thursday taking place alongside strength in platinum, it is possible that bullish interest now has breadth and prices might be able to extend on the upside next week. However, in the recent past speculative longs in palladium appeared to protect their positions with short platinum.
COPPER
In retrospect, a large portion of the Thursday US rally in copper was likely a delayed reaction to favorable developments from China. However, copper also appears to be attracting fresh buying off signs that US copper demand is improving, but theme was offset overnight by disappointing Chinese GDP readings.
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