Gold, Silver, Copper and Crude Oil Briefing
$USO, $OIL, $GLD, $SLV, $CU
Commentary: Crude Oil prices have risen sharply against expectations. PE
Note: US President Trump’s demands that allies stop importing Crude from Iran by 4 November this year could impact India as India and China fall under the major importers of Iranian Oil. Crude prices are trading higher now and likely to move higher near term.
ICE Brent Crude at 77.58, and NYMEX WTI Crude at 72.59 trading higher after the dip and consolidation. Brent has enough room to 80-82, while WTI will see resistance 76. Overall near term looks Bullish to me.
Gold at 1254.40 to test 1250-1240, then pause early next week. While the precious Yellow trades below 1270, Gold prices remain Bearish.
Copper to 2.9995 may trade above 2.95 in here. A clear break below 2.90 is needed to turn sentiment Bearish medium term.