Gold, Copper and Crude Oil Briefing
$GLD, $CU, $USO, $OIL
Commentary: US Crude production has risen to 10.7-M BPD from 10.62-M BPD the week prior. The EIA has now raised its US Crude Oil production outlook to rise by 1.14-M BPD for the next year revised up from the earlier projection of 750,000 BPD. PE
Brent Crude at 77.73, and WTI Crude Oil at 71.68 are trading just below resistances at 78 and 72 respectively.
If WTI Crude Oil breaks above 72, it could target 74 medium term, a rejection there would see it dip to 70-69 again.
Brent Crude could also come down to 76 if 78 holds, on see a sharp move North near to medium term.
Gold at 1314, +0.08% may test 1320 before falling to 1300. Gold could trade sideways in here ranged within 1325-1300. A break below 1300, opens testing to 1280.
Copper at 3.0720, +0.4% can test 3.10-3.12 before dipping to 3.07.