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Temp Corrective Setbacks Today


With the gold and silver markets overbought with upside extensions forged to start today, it appears that the dollar has prompted a reversal and perhaps a measure of long liquidation or stop loss selling. However, the dollar has not forged a significant upside in morning trade action and the index could pull the index back into the prior two days trading range. Overnight according to Reuters South African November gold output declined by 4.6% on a year over year basis while South African October gold output was revised downward to a decline of 6.6% year-over-year.

Gold Bars


The PGM markets should draft support against the risk-off vibe this morning because of a 22% November year-over-year decline in South African PGM production! Unfortunately for the bear camp, the Palladium charts are negative to start the holiday shortened week with a 7-day low forged and the lowest trade since January 5th. The platinum market has another negative from a 1,737-ounce outflow from platinum ETF holdings.


With the copper market early today not forging a new high for the move on its initial attempt to rally and recoiling from that rally the market has the feel of a temporary top. Like the precious metal markets, the copper market saw a contraction in Chinese retail sales as more important than better than expected Chinese Industrial production and GDP data.

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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