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Metals Higher Despite Jobs Data


We continue to see gold and silver as vulnerable to further selling ahead, as damage to the charts has extended overnight and damage to bullish fundamental sentiment this week has been significant. Furthermore, the Dollar is showing signs of strengthening further and it appears that the gold and silver markets retain flight to quality longs likely to exit as political conditions calm down in the US.


With the recent surge toward $1,150 in April platinum, we suspect that the net spec and fund long has now reached the highest level since the week before the initial March US lockdown notice. The palladium market has started the Friday trading session with fresh damage on its charts and a lack of internal bullish buzz and given more weakness in gold and silver prices we give the bear camp an edge.


The copper market continues to show very impressive strength even in the face of slack US data, a recovery in the Dollar and less definitive economic optimism/evidence flowing from China. However, the bull camp is assisted by another week of net declines in Shanghai and LME copper warehouse stocks.

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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