Written Commentary
GOLD
December gold futures continued to advance after prices broke out on Monday above a major downtrend line. Investors continue to move funds into safe-haven assets in light of growing geopolitical tensions. The surge in gold prices came as the situation between Ukraine and Russia worsened.
SILVER
December silver futures broke out above a downtrend line on Monday. However, there has been only limited follow-through to the upside. Some of the recent gains can be linked to the flight to quality flow of funds, as rising geopolitical tensions fueled demand for safe-haven assets like precious metals.
COPPER
December copper futures are lower but remain in a seven-day congestion pattern. There is overhead resistance due to persistent strength in the U.S. dollar. The recent upward trend in the greenback was driven by expectations that President Trump’s policies could spark inflation, potentially limiting the Federal Reserve’s ability to reduce borrowing costs.
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