$GLD, $SLV, $CU, $USO, $OIL
Commentary: Upside pressure continuing on Gold and Copper. PE
GOLD seeing Northside pressure, but with caution of a corrective dip. On the Southside, support comes in at the 1,300.00, where a break will focus on 1,290.00, a break there open the way for a move towards the 1,280.00, then pressure to 1,270.00 level. On the other hand, resistance stands at the 1,320.00, where a break will look to 1,330.00. Gold looks Bullish for now.
WTI Crude Oil futures traded at the highest since June 2015 after rising consistently and breaking above the Key 60 mark now expected to provide support. Failure to hold at 60 will see prices move back into a consolidation area between 59.50 – 60. Any move lower from this area would likely see more sellers enter the market.
Copper future contract with delivery in March is clearly in an uptrend since 5 December, where it turned increasingly Bullish following the bounce off 2.9398. The price snapped the 14 winning days on 28 December after it hit a near 4-year high at 3.3175, the Red metal is still trading comfortably above support at 3.2563, however, if the Bearish move extends, that mark could be the 1st stop.