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How Low Can They Go


A break below the key $1700 level overnight in nearby gold sets the market up for more selling today. Gold traders are abandoning bullish bets on the metals as the dollar and long-term interest rates increase. The reflation theme appears to be picking up steam, based on the number of articles covering that issue in the last 24 hours, and this is supporting the dollar and sending gold lower.


Platinum was near unchanged overnight and palladium clawed back some of its losses from Monday. Platinum was the one metals market that avoided a major selloff on Monday, managing to close higher on the day. The steep selloff in palladium may have sparked some spread unwinding, lending support to platinum.


Copper continues to see coiling price action, but it may have a positive finish to the month and quarter if global risk sentiment improves. May finished Monday with a moderate loss after it bounced back from two different pullbacks, but it was lower overnight.

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