$USO, $OIL, $GLD, $SLV, $CU
Commentary: Still seeing weakness across the board in commodities driving down Crude Oil prices. PE
ICE Brent Crude at 77.50, and NYMEX WTI Crude at 74.12 look like they want come off to test to 75 and 65 respectively before moving up medium term.
Note:Immediate view is Bearish with important supports near 75 and 65 respectively.
Gold at 1259.50 has room to test at 1270-1280, while trading above 1240. Near term looks Bullish to me.
The Gold-WTI ratio could test resistance at 19 and could come off from there by week’s end.
Copper at 2.8610 tried to move up, but while trading below 2.90/95, Bearishness will continue.
Have a terrific week.
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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.