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Gold in Opposite Direction of $

GOLD & SILVER

As goes the dollar, goes gold in the opposite direction! In fact, with yesterday’s dollar reversal and today’s upside $ extension gold is facing a critical junction and perhaps a failure of key support following today’s early US scheduled data. However, the jury is out on the impact of today’s PCE and initial claims readings, with soft PCE and higher initial claims data still capable of resurrecting the bull case in gold and silver.

Gold ticker

COPPER

On the positive side of the ledger copper prices have not caved in aggressively following disappointing Chinese manufacturing PMI data overnight and against further gains in the dollar this morning. Certainly, twin supply threats from Panama and Peru will provide some support but Chinese demand signals are usually the dominating force for the direction of copper prices. From a technical perspective, the copper market has stalled under the 200-day moving average since November 21st with that moving average price today at $3.832 providing resistance. Furthermore, the copper market sits $0.25 above the mid-November lows and has benefited from supply threats in South America for 6 trading sessions suggesting the supply bull case is old.

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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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