Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: A fall in crude prices came overnight. News suggests that the fall came after a report by the American Petroleum Institute (API) that showed a 9.2-M bbl rise in gasoline stocks on the week and an increase of 4.3-M bbl in inventories of distillates. This increase in the fuel stocks lead to a fall in Crude Oil prices pointing to weak demand. PE
Brent Crude at 61.38 breaking below the support at 62 instead of moving higher to 65-67. If the current fall continues, it may extend to 60 in here.
WTI Crude Oil at 56.13 came off sharply, but could see support near 55.6, if it holds could prevent further fall now. The fall in WTI Crude Oil has been in line with my expectation.
Gold at 1263.35 is down to 1260 support. The Southside momentum gathering steam, while that dominates, Gold could break below 1260 in here. Failure to bounce up could take it down to 1250-1240 medium term.
Copper at 2.9750 may trade within 2.95-3.05 near term.
Note: 2.90 is major support.