Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Gold has shown some strength due to the recent weakness in The Dollar (.DXY) Index. PE
Gold at 1242 up from 1231 and could drive towards 1250-60 in here.
Silver at 16.87 bounced from support near 16.10 and could hang in above 16.90 near term.
Copper at 2.54 saw resistance at 2.54. Only a clear move above 2.55 will show us 2.65-72. In the medium term 2.44 will be strong support, but a close below that mark could open up 2.40-35.
Brent Crude at 51.20 is hanging around its pivot at 51 of the entire range of 49.54 to 52.80, whereas WTI Crude Oil at 48.20 is trading between 47.15 – 49.20. Wednesday could see a dip towards 50 in Brent Crude and 48 in WTI Crude Oil near term. Else they could consolidate in their trading ranges in the coming sessions. The overall bias is Bearish while Brent Crude and WTI Crude Oil are trading below 53 and 51 respectively.
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