Written Commentary
GOLD / SILVER
While it would appear as if the US is closing in on a stimulus agreement, news that exit talks have hit a roadblock and that the UK is experiencing a mutation of the virus (which appears to be more contagious) has slammed gold, silver, and most physical markets to start the new trading week.
PLATINUM / PALLDIUM
While the chart action last Friday suggested a back and fill dip was in order this week that bias has exploded into a major range down washout which in turn should discourage bargain hunting buying in the near term. Platinum has confronted a noted deterioration of global sentiment because of the potential new strain of the virus, and therefore the trade is suffering from both fundamental and technical influences.
COPPER
While Chinese equity markets managed gains overnight and iron ore prices continued to surge above $170 a ton, positive Chinese demand hopes are temporarily shunted to the sidelines by the latest twist in the virus saga. However, copper prices should be somewhat supported by news that the People’s Bank of China injected money in open market operations today.
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