Gold, Silver, Copper and Crude Oil Briefing
$USO, $OIL, $GLD, $SLV, $CU
Commentary: Commodities are in a downtrend and under strong Bear influence. PE
Note: Crude Oil prices continue to fall on increased supply and reduced demand from China. Libyan production is rising, as is Russian output, and Saudi Arabia is pumping record volumes which is also keeping prices on a downtrend, just a President Trump asked.
NYMEX WTI Crude at 66.94, -1.67% can test to 65 in ere. and would drag down ICE Brent Crude too. Near term looks Bearish to me..
WTI Brent Crude at 71.86, -0.42% has some support at 71, then 69-70 medium term. This week remains Bearish and see a test of those supports to 69, then a bounce.
Gold at 1228.20, +0.075 came off to test support at 1225, while that holds a bounce is expected over the rest of the week. If not, Gold is vulnerable to 1200.
Copper at 2.7580, +0.40% is stable while trading above 2.70, 2.70 is major support, while it holds, the price could start moving up medium term to 2.90. A clear break below 2.70 indicate long term Bearish sentiment.
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