Gold, Silver, Copper and Crude Oil Briefing
$USO, $OIL, $GLD, $SLV, $CU
Commentary: Commodities look Bearish near to medium term. PE
ICE Brent Crude at 74.79 could come off from 76 and re-test 73-72 near term, 72 is a good support on the longer term charts and we may see a fall below 72 medium term. We wait, we watch.
NYMEX WTI Crude at 68.24 is off from below 70, while that holds, the WTI Crude price looks Bearish to 67-66 and lower near to medium term.
Gold at 1265.50 has come off, while trading below 1270, see a possible of a test to 1250-1240 in here. Near term looks Bearish.
Copper at 2.9885 broke below 3.0 and can test to 2.90 near term. My view for the Red metal is Bearish near to medium term.
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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.