An updated weekly technical analysis of the price action across commodity markets, including Gold, silver, crude oil & copper.
Gold has completed a potential double bottom pattern at $1850 per oz. The neckline of the pattern is resistance at $1875 per oz. Next resistance is $1920 with $1800 as next major support.
Silver is making a corrective move higher after a big drop from over $28 to below $22 per oz. The Sept 21 low under $24 is acting as immediate resistance with next resistance at $25 then $26. $22.50 and $21.70 are support.
Brent Crude Oil
Oil is consolidating after two big weekly moves, the first down and the second back up. A break below the rising trendline could trigger a move back to $39. $43.50 and $45.80 are resistance.
Copper has broken a 6-month old rising trendline after topping out near $3.10 per lb. There is immediate resistance at $3.0 with $2.78 as the next significant support.
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