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Mixed Precious Metals Outlook


While the gold market is showing positive trade early in the session, yesterday’s setback leaves the bull camp uneasy and therefore the $1794.10 level a very critical pivot point in today’s trading session. The silver charts have also turned negative today with a failure at yesterday’s low producing a 3-day low and giving off the impression of further corrective motion.


Anglo American said it is ramping up metals and diamond production to hit the full-year targets that it set in the spring. Overall output though fell 18% in the 2nd quarter, including declines in platinum and palladium. September palladium continues to be modestly impressive, breaking out of a two-day consolidation on Thursday but failing to make it back to Monday’s highs. In contrast, October platinum worked lowed and even tested Tuesday’s lows, as the market appeared to be tracking with silver.


Apparently the copper trade has reinterpreted Chinese economic data from earlier in the week as less than stellar, the market is facing additional US/China trade wrangling, the charts continue to lien in favor of the bear camp and the most problematic of all, Shanghai copper warehouse stocks increased by 21,311 tons.

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