Written Commentary
GOLD / SILVER
Gold and silver remain off balance today along with the rest of the metals complex as the global macroeconomic views to start today has been undermined by weaker equities, trade barbs between the new administration and the Chinese and from the ever-nagging reports of global deaths and infections.
PLATINUM
With a series of lower highs and lower lows over the prior 3 trading sessions, news that the US government is planning to shift to electric vehicles, ongoing weakness in gold and a lack of positive Chinese economic data over the last week, it is possible that platinum prices will erode further. The palladium market also damaged its charts again overnight and appears to be under pressure because of its classic physical commodity market standing but also because of spillover pressure from the rest of the metals complex.
COPPER
While the negatives facing the copper market this morning are not significant, signs of weakening in several recently high-flying industrial material markets in China, negative charts, and signs that US Chinese relations are off to a rocky start should give the bear camp confidence.
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