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Volatility Continues in Precious Metals


Volatility continues in the precious metals markets with today reversing this week’s washout bias with what is likely a short covering technical bounce. In retrospect, it would appear as if the gold and silver markets were focusing on flight to quality forces this week with higher equities and generally positive US data prompting selling.


With positive spillover from gold and silver prices this morning, and April platinum posting a 3-day high early on the bull camp appears to have wrestled control away from the bear camp. The palladium market likely benefited this week from long platinum/short palladium spread unwinding following this week’s downshift in psychology toward all precious metal markets.


While the copper market has remained within a downtrend pattern for nearly 5 weeks, the $3.50 level is building credibility as solid support and it-would-appear that the market is attempting a modest upside breakout in the early action today.

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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