Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Gold at 1292.20 bounced from 1280, and while 1275/80 holds, the price could to 1310 before coming off to 1280 or lower. For now the trend is South.
Silver at 16.56 is ranged. It has risen form 16.50 and could hit 17. Overall, the range of 16-17 is likely to continue for the Devil’s metal in here.
ICE Brent Crude at 79.16 could test 78 before attempting to move up, while NYMEX WTI Crude at 71.94 could test 71.00. Near term dip in Crude Oil prices could be short lived or not.
Brent-WTI Spread at 7.24 looks Bearish in here, and could come off to 6.75-6.50 soon. This could indicate a fall in ICE Brent Crude prices near term.
Copper at 3.1210 rose and could see 1st resistance at 3.15 which could push the Red metal’s price back to 3.0750.