Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Nothing new. PE
Gold at 1294.38 is stable just below Key psych resistance at 1300 and has been ranged within 1280-1295 region several sessions. Could this mean that the stability in the price is an indication of a base building before a sharp rise soon. Could the Gold Bulls be getting stronger to shoot up above 1300 in the near term? Yes, possibly. So, be cautious near 1300, watch price action in here.
Silver at 17.11 is trading in a sideways range and could test resistance near 17.25-17.40 in here.
Copper at 3.0505 moved above resistance at 3.00/02 and is trading higher boosted by a stronger Shanghai move, and will while the Chinese index continues to rise near term, Copper could be headed towards 3.15/17 then see a pause to refresh.
Brent Crude at 52.60, and WTI Crude Oil at 47.67 look stable. While Brent Crude may come off towards 50 while trading below 53.80, WTI Crude Oil could trade within 50.00-46.50 for some more time. Some sideways movement is expected just now while the prices are above 47 and 46 respectively.
Have a terrific week.