GOLD / SILVER
With the dollar index holding near 7-day highs, it is not surprising to see gold start off under pressure the today apparently today. Apparently, seeing Australian consumer prices in the 3rd quarter increase by 0.8% is not an inflationary windfall for gold, as the trade instead fretted over the prospect of higher Australian interest rates.
With both palladium and platinum coming under selling pressure in the wake of declines in gold and silver yesterday, it would appear as if the precious metal complex has come back into sync. Ongoing slowing concerns in China and strength in the dollar provides the bear camp with an edge into the 3rd trading session of the week.
With a big range down extension overnight the $4.50 level has been reached and has probably become resistance! Surprisingly, the copper market did not benefit from news that Chinese industrial profit growth jumped to 16.3% in September from year earlier statistics as that should indicate good demand for commodities like copper.
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