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: USD weak, Gold strong. PE

Gold at 1338 is hanging around near term support at 1335 with no directional bias. As it is gets overbought, a fall to 1303 may be seen a clear break of 1335.

Silver at 17.98 trades within the range of 16.90-18.25. The price is supported by Copper, but a fall below 16.90 may open up 16.50.

Note: Thursday have ECB press conference at 6.00p IST, which might add some clarity to the price action of Gold and Silver

Copper at 3.15 is ranged within 3.12-3.26. The short term concern: overbought condition which could be resulted short term profit taking anywhere between 3.12-3.26. But, I remain Bullish Copper while it is trading above 2.88 medium.

Brent Crude at 54.08 trades within the Bullish channel of 50-55.60 since 17 June, so will remain Bullish while it is trading above 50 on a weekly closing basis. But, WTI Crude Oil at 49.08 is still within the Bearish channel of 45-50 since last March and a surplus in inventory could push the price towards its support at 48 bbl.

Stay tuned…

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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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