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.