Written Commentary
GOLD / SILVER
All things considered, the gains in gold, silver, platinum, and palladium on Wednesday and overnight were surprising considering the breakout in the dollar to its highest level since April 6.
PALLADIUM
With a massive range up extension in palladium on Wednesday, the bull market appears to be rekindled. Perhaps some traders are posturing for a resumption of the early 2021 rally after confirmation that the Chinese economy continues to move forward, but it may also be off ideas that global auto production will have to run very strong to rebuild supply.
COPPER
Copper has held within a tight trading range so far today, but it under some pressure coming into this morning’s action. With a pattern of lower highs and lower lows in place since the peak/reversal on June 23rd, we are skeptical of the bull case.
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