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Bias Remains Down in Metals


Just as the early March rally felt like a “stealth rally”, the decline of from the midmonth high has also been very gradual and devoid of fanfare. In looking back gold and silver have not seen a definitive lift from positive risk on trading conditions, which to us indicates the focus remains on either interest rates or the direction of the dollar.


While the PGM markets have not tracked tightly with the daily ebb and flow of gold and silver prices, they appeared to be dragged lower yesterday by weakness in other precious metal markets and in sync with a broad-based deflationary style trading environment.


The copper market certainly damaged its charts yesterday as it took out 13 days of lows, and more importantly the May contract violated the psychological support price of $4.00. However, the copper market has regained the psychologically important pivot point of $4.00 this morning and is probably finding some lift from fresh strength throughout global equity markets overnight.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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