Gold, Silver, Copper and Crude Oil Briefing
$GLD, $SLV, $CU, $USO, $OIL
Commentary: Nothing new. PE
Gold at 1324 moved higher as .DXY failed to hold its ground above 93. The trading range for Gold is 1280-1350 with an interim resistance at 1335. Gold is not overbought in here thus a quick rally could be seen on a break of 1335.
Silver at 17.54 has broken its resistance of 17.50 and heading towards 17.80 and 18.00 next. Both Gold and Silver are out of their short term Bearish channels, but the supports of 1280 and 16.90 must hold to keep the present Bullish momentum going.
Copper at 3.10 is ranged within 3.00-3.12. Only break above 3.12 (strong resistance) will 3.26 come into focus. The concern short term is the overbought condition which may push the prices towards 3.00. But will stay Bullish Copper while it is trading above 2.88 medium term.
A slow reaction to a weekly shortage in US Crude Oil inventory was seen in Brent Crude at 52.76, and WTI Crude Oil at 46.98. A rally overnight drove prices towards major resistances of 52.80 and 49 respectively. But, I remain Neutral on Brent Crude, and WTI Crude Oil, while they are trading below 52.80 and 49 on a weekly closing basis.
Have a terrific weekend