Written Commentary
GOLD / SILVER
The gold market has settled into a trading range bound by $1749.90 and $1771.10, but the market maintains a bearish fundamental track. While the dollar has not forged an upside breakout this morning, it remains within striking distance of a new high for the move and is therefore hanging over both gold and silver prices.
PALLADIUM / PLATINUM
The palladium market has fallen back from yesterday’s significant range up extension of a four day rally. However, with the strong upside probe yesterday some longer-term downtrend channel signals were reversed in favor of the bull camp. While not a significant change in supply Russia’s largest palladium mining company did reduce its market deficit forecast for 2021.
COPPER
We are surprised to see December copper prices within striking distance of yesterday’s higher close given the fresh concerning news that China’s beleaguered real estate company has missed a 3rd interest rate payment as that threatens the Chinese copper demand outlook. However, stories from Bloomberg overnight indicated that China could face production problems in metals due to the power shortage.
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