Written Commentary
GOLD / SILVER
The path of least resistance is pointing upward in gold and silver this morning, but momentum is lacking. In the near term we see strength in equities as supportive of gold and silver with modest weakness in the dollar (a 4-day low this morning) adding minimally to the upward tilt.
PLATINUM / PALLADIUM
The charts in the platinum market look very powerful this morning with prices likely to make a key breakout up in the coming sessions. The palladium market continues to show divergence with platinum in yesterday’s action and that appears to signal an ongoing narrowing of the palladium premium over platinum prices.
COPPER
A lack of supportive Chinese data flow this week, a severely overbought spec and fund positioning and stubbornly high infections (fresh infections were seen in Shanghai) leaves the propensity to track sideways in place into another trading session.
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