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Uptrend For Metals Prices


The path of least resistance is pointing upward in gold and silver this morning, but momentum is lacking. In the near term we see strength in equities as supportive of gold and silver with modest weakness in the dollar (a 4-day low this morning) adding minimally to the upward tilt.


The charts in the platinum market look very powerful this morning with prices likely to make a key breakout up in the coming sessions. The palladium market continues to show divergence with platinum in yesterday’s action and that appears to signal an ongoing narrowing of the palladium premium over platinum prices.


A lack of supportive Chinese data flow this week, a severely overbought spec and fund positioning and stubbornly high infections (fresh infections were seen in Shanghai) leaves the propensity to track sideways in place into another trading session.


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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