Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: The US Dollar (.DXY) Index at 96.78 is still on course towards 96 with no sign of strength yet. PE
Gold at 1252 did not above 1260, and fell towards its Key support of 1249, which could be a level where the price action has to be checked to assess the chances of further bounce to 1260-80. A failure to hold 1249 may keep the price range-bound within 1220-1250.
Silver at 17.01 it still above its Key support of 16.90. The recent trading range could be 16.90-17.50, I will remain Bearish while the precious Yellow metal trading below 17.50. A close below 16.90 could open up 16.50.
Copper at 2.57 is seeing resistance at 2.62. Only a break above 2.62 will 2.68-72 can come into view. Medium term 2.55 is strong support now, but a close below that could open up 2.44-35.
Both Brent Crude at 54.20, and theJuly contract of WTI Crude Oil at 51.64 are trading within the range of 54.20 – 56.32 and 51.28 – 53. Both the contracts are highly overbought near term time frame so a correction is anticipated.
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