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Sideways Consolidation Needed For Metals

GOLD / SILVER

With a fresh higher high for the move in the dollar index this morning, the gains in gold appear to be short covering from yesterday’s debacle washout. Gold and silver have not transitioned into a position to benefit from inflation and instead are concerned about sharp increases in interest rates, a surging US dollar and softer industrial demand for copper.

PALLADIUM / PLATINUM

While the palladium market has recovered from yesterday’s latest spike down move, a pattern of lower highs and lower lows looks to be extended into another session. The platinum market avoided the aggressive selling seen in the palladium market on Tuesday, but the environment for platinum remains bearish with demand views at best being heavily scrutinized.

COPPER

The copper market deserves further corrective action after a 4-day rally of $0.30. However, we see further downside action in copper directly ahead as the outlook for the Chinese economy continues to deteriorate among power outages, surging material prices and regulatory fears toward the Internet/tech sector.

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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