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: The sector is looking for stimulation in here. P

Gold at 1298.21 the psych resistance at 1300 held, there is room to fall to 1280-1270 medium term. Watch interim support at 1290 this week for clues.

WTI Crude at 66.88 trading above near term support at 65.50, while that holds, there could be a bounce to 67.50. But, a clear break below 65.50 will push price South to 63.75 and lower soon.

ICE Brent Crude at 75.71 could hold and move up to 77 soon. On a clear break below 73.50 will focus on a move to 69.

The Brent-WTI spread at 8.75 broke the trend resistance at 7.75 but could pause near 9.00-9.30 before coming off towards 7.75, it it happens could indicate a near term rise in Black Gold’s prices.

Copper at 3.0809 could continue ranged within 3.02-3.15 in here. Unless I see a clear break on either side, it is difficult to project the Red metal’s direction. Failure to hold above 3.02, could push it to 2.95 medium term.

Have a terrific week.

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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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