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Stimulus Talk and Metals Prices


Proof that the gold and silver trades are tracking classic physical commodity market fundamentals are seen from the early gains this morning on the back of strength in equities and from hope for success from two emergency use treatments that have been put into action.


It would appear as if the charts in palladium have shifted down with another lower low for the move overnight and a building pattern of lower highs. Clearly the platinum market has aligned itself with physical/industrial commodities with the uncertainty from the tense stimulus negotiations weighing on prices yesterday and given a lack of overnight progress on stimulus that has prompted even more declines this morning.


Despite-the-fact that copper forged a downside breakout and the lowest price since early August this morning the bias in the market favors the bull camp. In other words, the market this morning clearly rejected yesterday’s low and clearly rejected the approach of the 100-day moving average today and rejected the wash with a very sharp rally from those levels.

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