Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: The weakness in the US Dollar (.DXY) Index at 94.56 has impacted positively across all the commodities. Note: the USD is highly oversold.PE
Gold at 1233 broke its major resistance of 1232 and opened up 1245. The recent sideways range for Gold could be 1220-1245.
Silver at 16.15 trading within its Southward channel though there are chances for a Northside run to 16.54+.
Copper at 2.73 moved higher within its trading range of 2.66-2.78. A close above 2.78 could open up 2.85+ in here.
Energy may remain stable while trading above 47.70 for Brent Crude, and 45 for WTI Crude Oil. Near term, Brent Crude at 48.58, and WTI Crude Oil at 46.16 are ranged within 47-51 and 45-48 now, and the medium term ranges are now 44-52 and 42-50.
The Big Q: will we see a rise past 52 in Brent Crude, and 50 in WTI Crude Oil or not by the end of July. To get a clue, we will keep an eye on US Weekly Crude Oil inventories.
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