Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Nothing New. PE
Brent Crude’s 68.97 support is near 68 and while that holds, the price could possibly trade in the 72/71-68 zone for now. It needs to break to confirm a down leg which may extend to 67-65, will wait for confirmation. Now bounce from 68 is preferred.
WTI Crude Oil at 64.81 moved up from 64, and can test to 63.0-62.8 before trying to move up again.
Brent-WTI spread at 4.16 came off sharply from 4.51 as seen Wednesday. There is room to move to 3.5 and the spread seems to be moving South.
Gold at 1343.18) has moved up, because of the 21-Day MA acting as support, and while that holds, the price could move to 1350-1360 again. So, as long as the price remains above 1340, negate a fall to 1320 anytime soon.
Copper at 3.2090 is ranged within 3.25-3.12, and may trade there before breaking North or South. Support is seen at 3.10-3.15, while that holds, the opportunity for an Northside break looks likely. Prefer a rise to 3.25 and higher near to medium term.
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