Gold, Silver, Copper and Crude Oil Briefing

Gold, Silver, Copper and Crude Oil Briefing

Gold, Silver, Copper and Crude Oil Briefing

$GLD, $SLV, $CU, $USO, $OIL

Commentary: Nothing New.PE

Gold at 1270.00 has risen to test the resistance area at 1275-85. The price action here will determine by the next week if a major Bearish reversal is seen from the current levels or another rally to 1295-1300 before a decline comes again.

Silver at 17.34 is forming a contracting triangle in the range of 17.20-47 over the last 3 sessions, which hints at a rise to 17.60-70, contrary to my Bearish expectations.

Copper at 2.57 almost unchanged and remains Bearish below the short term channel resistance near 2.62/65, the chances of a decline to 2.45-40 is still open, but be prudent, be prepared for a sudden turnaround to the Northside medium term.

Brent Crude at 51.15 is recovering after making a low at 50.21, close to my target at 50.00, and now may rise to 52.70-53.00. 50.00-49.70 remains the 1st support zone. WTI Crude Oil at 48.72 overshot my target at 48.50 by posting a low at 47.72 and now it may recover to 50.00 if Brent Crude recovers to 52.70-53.00.

Stay tuned…

The following two tabs change content below.

Paul Ebeling

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.

You must be logged in to post comments :  
CONNECT WITH