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Wide Trading Range in Metals


While the gold market showed minor gains early overnight action in gold saw lower prices in major global hubs and premiums in India continue to fall suggesting the path of least resistance for US gold is pointing downward. While silver ETF holdings increased yesterday, gold ETF holdings declined but the investment outlook for gold and silver leaves the trading week mostly negative.


The platinum market showed a 2nd straight day of extensive range trading yesterday with a range of $45. However, the action this week suggests that the $1,000 level is potentially a numeric and psychological support/pivot zone. However, the platinum market lost ground on the palladium market yesterday and that is very surprising.


While the March copper contract literally exploded on the upside yesterday prices have retrenched aggressively this morning creating the impression of a temporary top. In fact, with the copper market forging a massive daily trading range of 14.3 cents yesterday and more than likely holding a record net spec and fund long positioning, bearish technical forces should temporarily take control over fundamentals.

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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