Written Commentary
GOLD / SILVER
A bit of a corrective bias is in place early today, as the dollar is higher, there was some positive infection counts news from the US and some hope for US stimulus package progress. In another potential undermine for the precious metals complex silver prices in Shanghai displayed massive two-sided volatility overnight which prompted Shanghai exchange officials to investigate the situation and suggest they would take the appropriate measures if volatility becomes further aggravated.
PLATINUM / PALLADIUM
Not to be left out, the PGM markets overnight also showed tremendous two-sided volatility with what appears to be blow off reversal action on the charts. The palladium market in-particular has forged a double top at $2419.10 and has already posted a trading range of $111 today. Even the platinum market showed significant volatility overnight with the daily range already the largest since the massive historical spike on March 16th.
COPPER
The copper market might have seen some support from the Chinese President discussions of the Asian development Bank overnight as that partially redirects media focus away from US/Chinese tensions. The Asian development Bank is something that helps to facilitate Asian copper demand but one can hardly suggest that today’s action has the appearance of a definitive “risk on” session and that could leave resistance thick above early prices.
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