Nymex Crude at 85.82 fell sharply as the fears on another recession increased following the bad US jobs data release Friday. Some Support is seen near 84 and a break below it would push it further down towards 80.
Gold at 1881.20 has risen sharply as the market turned risk averse on increasing fears of another recession. A test of the previous high of 1915 is likely, and it will have to be seen whether Gold can sustain the break above 1900 here and continue North.
Silver at 43.20 has risen above 42 and is expected to test its important Resistance 44. A strong break and close above 44 is very Bullish which would clear the path for further rise to 48-50.
Copper at 4.11 failed to rise past its important Resistance at 4.20 last week and has good chance of testing 4.00 on the downside in the coming days. Stay tuned...
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.