GOLD / SILVER
The gold and silver markets managed strength at the end of last week despite the dollar holding near an upside breakout point on its charts. Unfortunately for the bull camp in silver, the gains off last week’s lows have been less impressive than those seen in gold and the silver market has not reversed long-term downtrend channel signals on the charts like gold.
PALLADIUM / PLATINUM
All things considered, the palladium market charts are indistinct with respect to trend signals with the market in the most recent positioning report showing a new record spec and fund short. Like the palladium market, the platinum market is also locked within a sideways consolidation range but could be considered vulnerable from its spec and fund positioning and from its charts.
While the copper market was pinned down to 30-day lows for most of last week and was drifting toward its 200-day moving average down at $4.2610, the market should find support from Chinese October export data as a 27% jump in exports should help stimulate additional manufacturing and consumption of copper. However, the October copper ore and concentrate imports fell from the prior month and in turn posted the lowest import tally since June.
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