Written Commentary
GOLD / SILVER
While the gold market has not extended the pattern of higher highs since Tuesday and the market has seemingly stalled for 5 days, the bias in the market remains up and bullish dialogue continues to flow. Fortunately for the bull camp, the dollar continues to show signs of retrenchment and there are rumors of a coordinated global strategic petroleum reserve release to dampen energy prices and that would likely pressure gold and silver.
PALLADIUM / PLATINUM
Despite some divergence with the platinum market yesterday, the palladium market forged a higher high and temporarily regained the $2,200 key pivot point level. the platinum market has diverged 180 degrees with the palladium market this week indicating the possible presence of long palladium/short platinum spread trading.
COPPER
Fortunately for the bull camp, the December copper contract overnight has managed to respect a key pivot point established over the last 10 and half months at the $4.20 level. Cushioning the copper market this morning is news that Chinese copper concentrate imports in October increased by 6.6% versus year ago levels to 1.8 million tons.
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