The overall environment facing the copper market today is bearish with a slight deflationary tone flowing from Chinese price data, rising concern that many areas will be forced to return to lock down and almost no hope of a US stimulus package prior to the election.
GOLD / SILVER
With a risk off session underway throughout the world, US infection counts reviving concerns of shortages of PPE and the dimming hopes of a US stimulus package almost all commodity markets are understandably showing deflationary pressure.
PALLADIUM / PLATINUM
While the palladium market managed to bounce from this week’s low in yesterday’s action, we see that recovery as a “temporary bounce” in a bear market phase. In retrospect, the bull camp saw its “dream story” of surging Chinese car sales earlier this week and in turn prices fell out of bed. The charts in the platinum market are easily the most bearish within the precious metals complex with the market failing to breakout above its 21-day moving average following 6 attempts in the last 13 sessions.
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