Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: USD weaker, Gold stronger. PE
Gold at 1344 moved higher as The US Dollar (.DXY) Index failed to hold 92.50 and came down 92.29. The trading range for Gold is 1280-1350 with interim support at 1335. Gold is overbought near term so, I am still doubtful about the sustainability beyond 1350-55 for now.
Silver at 18.00 has broken its resistance at 17.95 and heading to 18.25 and 18.50, but it might face some rejection at 18.25 on an overbought condition.
Medium term, Gold and Silver are both out of their short term Bearish channels, and the supports of 1280 and 16.90 must hold to keep the Bullish momentum going.
Copper at 3.138 moves a bit lower but it trading above its 1st support 3.11-12. The short term concern is the overbought condition, which could cause some short term profit taking between 3.12-3.26. But I will stay Bullish Copper while it is trading above 2.88 medium term.
Oil Price moved higher, but both Brent Crude at 53.14 November contract at ICE and WTI Crude Oil at 48.56 October contract at COMEX are ranged within 50-53.47 and 45.60-50.40 respectively. I will be Bullish while Brent Crude, and WTI Crude Oil are trading above 52 and 48.
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