Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Commodities look weak. PE
Gold at 1279.80 broken 1st support at 1280, if it hold, then the precious Yellow metal can break below 1275, them 1260-1250 opens up on the Southside medium term.
Silver at 16.49 has fallen and could head to 16.25-16.00 near term. My view is Bearish.
ICE Brent Crude at 72.62, and NYMEX WTI Crude at 63.80 have fallen sharply in the last couple of sessions. WTI Crude looks Bearish to 62 on the weekly candle, while the weekly line looks strongly Bearish with a possibility to test 60 or lower. Brent Crude may test weekly support of 71-70 before bouncing.
Copper at 3.13 has come off from 3.20 and could test support at 3.10. Failure to bounce up from 3.10 would lead to a full Fibo retracement of the rise from 3.00 to 3.30 soon.
Have a terrific week.