Written Commentary
GOLD / SILVER
With the dollar rally extending aggressively overnight and posting the highest trade since last November, the gold market is facing at least one major outside market negative. However, given that gold is the only major physical commodity market trading higher this morning, it is possible that the focus of the gold trade has centered on an uncertainty focus.
PALLADIUM / PLATINUM
With another large range down washout in September palladium overnight, the back of the bull camp is likely broken and a decline to the March lows of $2,300 is likely. While platinum held up in the face of the washout in palladium yesterday, the market has given in to outside market pressures this morning.
COPPER
Apparently, the copper market is not waiting around for confirmation of slowing demand from anemic global economic data trends as the overnight washout puts prices down over $0.42 from this week’s highs! Adding into the demand fear from anemic economic data measures is unrelenting Delta variant infection spread and to a lesser degree from the perception of a less dovish US Federal Reserve.
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