We expect the market to remain in consolidation mood for now, though thin trading conditions ahead of the long holiday weekend could well spark big price movements.
More Quotes from Yingxi Yu:
Prices are being driven up by hedge funds, which are buying platinum because its fundamentals are looking good. Platinum has been in deficit for the past six years, and it's expected it will be in deficit this year.Yingxi Yu
Technical trends are looking very strong and people find it very risky to go short right now. I think that's why the rally has been continuing.
Yingxi Yu
Impressive gains are seen in platinum and palladium, which are rising strongly above their recent ranges.
Yingxi Yu
A weak dollar has been the key supportive theme recently, while the surrounding geopolitical backdrop is adding to the support.
Yingxi Yu
The downside appears quite limited at present...There are factors pointing to further gains in the gold market in the short term.
Yingxi Yu
The weaker (gold-dollar) correlation late last year and early this year was due to the overwhelming enthusiasm among the speculative community to drive prices higher.
Yingxi Yu
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