Gold, Silver, Copper and Crude Oil Briefing
$USO, $OIL, $GLD, $SLV, $CU
Commentary: Again, 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 77.39 may head to 80 while it trades above support 76. Near term looks Bullish to me.
NYMEX WTI Crude at 73.25 seeing resistance at 74, if it holds see a dip 72. 74-76, a resistance for WTI Crude, which may halt its rise above current marks.
Gold at 1249.70 is moving to 1240 and pause. A bounce from 1240 is possible, then another fall. Overall Gold looks Bearish to me in here.
Copper at 2.9730 could hold above 1st support 2.95, while that holds, the Red metal could trade sideways within 2.95-3.05.
Have a terrific weekend.