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

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.

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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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