GOLD / SILVER
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.
PLATINUM / PALLADIUM
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.
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