GOLD / SILVER
With gold and silver prices holding near the spike up highs from yesterday and the US dollar showing signs of fresh damage on its charts, the path of least resistance looks to remain up in the precious metals complex. In fact, the dollar index has failed to hold yesterday’s low and would not appear to have support for another 40 points.
PALLADIUM / PLATINUM
While the gold and silver markets surged higher, the explosion in palladium prices was equally impressive and perhaps indicative of a direct run to the $2,500 level. While not as stellar as the palladium rally, the platinum market ranged upward yesterday and appears to have some follow-through momentum capacity.
After failing to range higher yesterday in the wake of a series of big picture positive developments, the December copper contract is playing catch-up today and would appear to be poised to return to the $3.20 level. While not a major issue, Shanghai copper stocks on the week did drop moderately (down 8336 tons) and LME copper warehouse stocks declined on the day and on the week.
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