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.