The US dollar index rammed through the target at the 200 day moving average, calling into question the current plan that favored this to be a counter-trend, short-covering rally by Uncle Buck. The upper green support line was presented as dashed in yesterday’s update because one day does not support make. It appears that today begins a test to see if USD will hold above or take dollar bulls to whipsaw city and fail.
Just an FYI snapshot. Frankly, I am just waiting to see which way the market breaks, ready to hold or dump my gold miner short, DUST. As for the other stuff, I have my eye on copper and copper miners. I am aware that cyclical commodity Palladium is booming (I have not checked for the reason, if there is one in the headlines, but I’m holding on to PALL for now) and I am about 50/50 pro/against Uncle Buck. Time (very shortly) will tell.
Nice call on Pd! No real news I am aware of, apart from the fact that Pd and Pl futures have started trading in Russia this week. And the BRIC summit took place this week.
(QUOTE)Palladium futures trading in Russia officially started on October 21, 2024, through the Moscow Exchange. This launch coincided with China’s announcement to begin offering similar contracts in early 2025, marking a significant development in the trading of precious metals within the BRICS nations(QUOTE)
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Wow, I did not know that. Thank you, Bart.
Palladium – Russian sanctions mooted, see
https://www.reuters.com/markets/commodities/gold-ticks-higher-safe-haven-bids-offset-firm-dollar-2024-10-24/
Limit up is 10%, Dec was up 9.79%, https://www.barchart.com/futures/quotes/PAV24
Back in 2022, see https://www.reuters.com/business/palladium-propelled-record-highs-by-russia-supply-concerns-2022-03-07/ was up 80% in year.
Outstanding stuff, Dave. Thank you.