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.