Gold, Silver, Copper and Crude Oil Briefing
$USO, $OIL, $GLD, $SLV, $CU
Commentary:Commodities may pause in here. Copper, Gold and Silver are likely to come off in the medium term, and Crude prices are weak. PE
ICE Brent Crude 74.62 and NYMEX WTI Crude at 70.76 have fallen sharply.
Note: Crude Oil prices started falling yesterday after news stated that Libya’s National Oil Company would reopen its ports that had been closed since June. Also the US-China worries continue on more tariffs on $200-B of Chinese goods. Overall Crude Oil prices could trade lower and range trade near term.
Gold at 1243.20, -0.10% is off sharply and could remain within the 1240-1270 range for sometime. I expect 1240 to hold now. A but a clear break South would target 1225. I expect a bounce from 1240.
Silver at 15.83, -0.05% looks weak and may test to 15.75 in here.
Copper at 2.7620, +0.67% bounced from 1st support at 2.70, while that holds, trade within 2.85-2.70 is seen for the rest of this week. A clear break below 2.70 make the Red metal’s price open to 2.55.