Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Quiet pre-New Year trade. PE
Gold rose to a new 1-month high after extending a rally that started from the 1240 area on 12 December. The Bullish bias is strong in the short term but in the big picture, the precious Yellow metal remains in a range, essentially between Key psych marks of 1200 and 1300.
WTI Crude Oil maintains firm tone and holding within narrow consolidation under 60 the psych barrier which was dented on strong Bullish acceleration Tuesday. WTI Crude Oil price was boosted by stronger than expected draw in crude stocks after API report Wednesday shows fall in US Crude Oil inventories by 6-M bbl, compared to forecasted 3.8-M bbl draw
Copper future contract for delivery hit 3.4 year high at 3.2980 in extension of 2-week uninterrupted rally from 2.9425. The Red metal rallied to new high Tuesday after post-holiday trading started with gap-higher opening, with strong support coming from expectations of stronger demand from China metal’s top consumer.
Have a safe and sane New Year’s Holiday weekend.
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