Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Nothing New. PE
Gold at 1249 could not hold, and fell to Key support 1249, which could be a mark where the price action has to be checked to assess the chances of further bounce to 1260-80. A failure to hold 1249 may keep the price ranged within 1220-1250.
Silver at 16.63 saw the same trading action as Gold. The recent trading range could be 15.80-16.90 and I am Bearish while it is trading below 17.50.
Copper at 2.53 found support at 2.46 and is trading within the narrow range of 2.45-2.55. Only a clear break above 2.55, can higher resistances of 2.65-72 be seen. Again, medium term 2.44 is strong support, but a close below that mark could open up 2.40-35.
Brent Crude at 52.89, and WTI Crude Oil at 49.71 are holding their respective supports of 52.70 and 49.22 which imply strength in in extreme short term. I am not convinced with this rally because of the overbought condition. The Oil Bulls will be assured of strength in Brent Crude and WTI Crude Oil only when they see a firm closing above 53.50 and 51.20 respectively.
Have a terrific weekend.