Gold, Silver, Copper and Crude Oil Briefing

Gold, Silver, Copper and Crude Oil Briefing

Gold, Silver, Copper and Crude Oil Briefing

$GLD, $SLV, $CU, $USO, $OIL

Commentary: Nothing New.PE

Brent Crude at 64.32, and WTI Crude Oil at 60.53 are down in line with expectations.

Crude Oil prices look Bearish in here to me.

Brent Crude is likely to test 63-62 near term. WTI Crude Oil may move to 59-58, if a clear break below 60 is seen. We may expect a bounce from these marks.

Gold at 1317.31 tested 1310 before coming back above 1315. Need to see if 1310-1315 holds, or else a gradual fall to 1300 or lower is possible next week. A bounce from 1310-1315 could take it higher to 1340 which would reduce the possibility of moving South to 1300.

Copper at 3.0665 broke below 1st support at 3.07. Note that the 3.00-3.05 could act as medium term support which if holds could trigger a bounce. A clear break below 3 may indicate further weakness medium term.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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