Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Nothing new. PE
Gold at 1268 moved higher and hanging near my target at 1270. Now it is ranged with 1258-70. Gold is overbought near term, so, I am not confident about price sustainability beyond 1270. There is a possibility of a correction towards 1245 short term, but remain Bullish Gold while it is trading above 1245.
Silver at 16.72 is also out of its recent Bearish zone,and trading within the range of 16.50- 17. Recent strength in Copper has supported Silver to trade above 16.50.
Copper at 2.90 moved higher in line with my expectation and looks to be on a firm footing while it is trading above 2.78. Midterm resistance comes at 3.12 then may see some correction on profit taking.
Brent Crude at 52.34 is out of its midterm Bearish channel as it is trading above 51.30. 1st resistance comes at 53, and a close above that could open path to 56.
WTI Crude Oil at 49.87 moved higher and a close above 51 could end its midterm Bearish trend. Am Bullish on Crude Oil since 10 July, and no reason to change the Bullish stance while Brent Crude, and WTI Crude Oil are trading above 51 and 48 on a weekly closing basis.
Have a terrific week.
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