Written Commentary
GOLD / SILVER
In the early action today December gold has forged another trade above $2000 with the primary bullish theme seemingly the expanding uncertainty from the reemergence of infection problems “throughout the world”. Clearly gold appears to be poised to carry a long list of bullish fundamentals into the new trading week even if some of those forces (Stronger Dollar) are providing some initial resistance to start. However the Dollar did see the largest monthly dollar decline in 10 years in July.
PLATINUM / PALLADIUM
While the PGM markets last week suffered chart damage and appeared to suffer a decided deterioration in fundamentals from the threat of renewed lockdown, palladium has managed to build a support base above last week’s low of $2,079. While the platinum market came under aggressive liquidation pressure last week, it did seem to find value at $900 and bounced aggressively from that level.
COPPER
While the copper market did manage to bounce from the latest spike down failure on its charts last week, it is clear that generally positive views toward Chinese copper demand are now being more than offset by fears of a return of global headwinds from the need to return to lock down in many areas. However Chinese July manufacturing PMI did improve, and Chinese equity markets were strong overnight, but that did not alter the negative price bias in copper to start the new trading week.
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