Written Commentary
GOLD / SILVER
The precious metals market were able to shake off pressure and reach new 4-week high early in today’s action. A weaker Dollar has provided underlying support, and Fed tapering prospects appear to be more certain, which has relieved some pressure on gold and silver prices.
PALLADIUM / PLATINUM
Both PGM metals are finding decent support early in today’s action, with palladium holding the upper hand on platinum and reaching a new 5-week high. The palladium market has posted impressive action over the past two sessions as it respected the knife-down trade from Tuesday and ultimately took out Monday’s high. While the platinum market could catch tailwinds from palladium if it were to launch higher again, it might need to see gold and silver rally to join the party.
COPPER
After finding early pressure in the wake of Chinese inflation data and lukewarm Chinese equity markets, copper regained upside momentum and reached a new 4-month high coming into this morning’s action. Like gold and silver, the rally in copper prices (in excess of $0.40 over the past six sessions) seems to be a little overdone.
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