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Metals Find Support From Currencies


With the dollar breaking out to a 3-day low and showing signs of heading back to 92.00, gold and silver prices have found a measure of outside market support. However, we refer to “support” from currency market action, instead of lift which probably requires a trade in the dollar index below the early September low down at 91.93.


About the most positive thing that can be said about palladium this morning is prices have bounced from 3 days of very aggressive selling and have also regained a potentially critical pivot point on the upside at $2205. While the October platinum contract forged a fresh lower low for the move overnight it is approaching critical consolidation support at $956 and could begin to base sideways.


With a 6-day upside breakout in December copper the technical tide has shifted back in favor of the bull camp for the first time since August 30th. We suspect the market is deriving support from a weekly decline in Shanghai copper stocks of 7,440 tons as that puts copper stocks in Shanghai at the lowest level since 2014.

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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