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Metals display strength

Commentaries & Views

The short-term bullish case for gold is scoring points today, with the metal trading over $1,935 and seemingly poised for a close above it. Silver bulls would like to see the metals close over $24.90; a defense of support at $24.30 this morning is a positive sign regardless.

Platinum, but especially palladium, are well bid on volume, coming out of extremely oversold conditions. The catalyst for the move is described in detail here: https://www.kitco.com/news/2022-04-08/London-blocks-sale-of-new-platinum-and-palladium-from-Russian-refineries.html. An extension of the move up would take palladium to overhead resistance around $2,650.

US indices are putting in an intraday reversal, from red to green as of this writing. A continuation of the upward move off of the winter low remains the path of least resistance, at least and until a breakdown out of the broadening wedge formation highlighted earlier in the week takes place.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.