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Gold Higher Overnight


While the gold market is back from its overnight high, the market did manage a fresh higher high for the move and the highest price since September 21st and that would seem to indicate the path of least resistance remains up into the start of the new trading week. Clearly gold and silver prices are tracking in sync with the equity markets which somehow continue to hold out hope for some form of stimulus package.


The palladium market at the end of last week soared along with gold and silver, and might have been lifted by optimism toward the return of China but also because of market expectations at the time that a US stimulus package would be agreed upon. While the platinum market also rallied in sync with the rest of the precious metals markets last week, its charts were not nearly as bullish as other metals markets with prices still within a downtrend pattern that began with the August high.


While the copper market did not make a fresh higher high for the move early today the market is sensing positive economic psychology from China after the Chinese President promised to ramp up efforts to make southern China a major technology hub. It should also be noted that the Shanghai markets were the largest gaining equity markets overnight with the CSI 300 gaining 3.03% and the Shanghai stock exchange composite gaining 2.64%.

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