Gold Lacks Conviction; Silver And Platinum Attempt Recoveries

Our weekly journey through the precious metals and commodities CFD’s available with OANDA. Jeffrey analyzes each using a combination of technical and fundamental analysis.

Life has been dull on precious metals to start the week as financial markets and currencies, in particular, await the buildup to a heavy data end of the week. The passage (or not) of the U.S. tax bill is being awaited with eager anticipation. Precious metals have been range bound with lacking conviction but and attempting quiet recoveries. Palladium seems set for a slight downward correction of its mega-bull trend.

has an interesting triangle formation that suggests some temporary downward pressure may be to come.

traded much higher in anticipation of colder weather in the U.S. but gave back its gains with a whimper. That said, it does appear to be gathering its strength as winter is coming!

and severely overbought RSI on both have eased somewhat, but the charts suggest the danger still lies in the possibility of a correction lower within their overall bullish uptrends. The data should be the first test of this theory.

Over on the soft commodities, has rallied as the Brazilians cut 2018’s harvest forecasts.

Brazil is at it again in and but for different reasons this time. Rain in Brazil has produced optimum growing conditions pushing down North American prices.

feels the heat of Russia’s Black Sea region harvest and a weaker making their exports more appealing than strong U.S. dollar North American ones.

Gold 0:0:00, Silver 00:02:40, Platinum 00:04:35, Palladium 00:06:10, Copper 00:08:30, Natural Gas 00:10:15, Brent Oil 00:12:15, WTI Oil 00:16:10, Sugar 00:18:15, Corn 00:20:25, Soybeans 00:21:50, Wheat 00:23:50.

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