Gold, Copper, And WTI

TL;DR

Gold could see a decline if it breaks the 1280 level; silver is also underperforming. Copper may head towards 280, signaling a potential sell signal. Crude oil approaching a crucial level at around 59.5 before any correction.

Transcript

hi traders Dale Pinkert Twitter handle that Forex stop hunter yesterday I just wanted to give you an update from what I talked about yesterday in the gold with yesterday's close and the gold I thought there was a shot for 12 2016 1 8 so far we've stalled at the 50% level again this 1280 level is gonna be very important if that gives way I think we ... Read More

Key Insights

• 🥺 Gold's 1280 level is crucial, and a break could lead to further declines towards 1240.
• 😀 Silver is showing weakness and could face challenges in the near future.
• 🍳 Copper's level of 280 is significant, and a break could trigger a sell signal.
• 🥡 Crude oil's objective is around 59.5, but potential resistance may occur before any correction takes place.
• 😀 Overall, economically sensitive commodities are facing pressure and may continue to decline.
• 🤩 The Forex stop hunter emphasizes the importance of key levels in analyzing these commodities.
• 🛢️ Crude oil may not have an easy path towards $60-65, with potential difficulties at around 59.5.

Questions & Answers

Q: What level is crucial for gold and what are the potential price targets if it breaks?

The 1280 level is crucial for gold. If it breaks, the price could potentially target 1240 as the next level of support.

Q: Is silver performing well or underperforming?

Silver is currently underperforming and could be in trouble unless it manages to hold at its current levels.

Q: What level in copper is important, and what could happen if it reaches that level?

The level of 280 in copper is important. If it reaches that level, it could trigger a sell signal, leading to further declines. A break below 280 could take the price to initial targets of 285 and then 280.

Q: What is the potential objective for crude oil, and what could happen at that level?

Crude oil is approaching a potential objective of around 59.5. There could be potential problems and resistance in that area before any correction or reversal occurs.

Summary & Key Takeaways

• Gold may decline further if it breaks the crucial 1280 level, potentially reaching 1240.

• Silver is also showing weakness and could be in trouble unless it holds at current levels.

• Copper is heading towards the important level of 280, which could trigger a sell signal leading to further declines.

• Crude oil is nearing an important objective of around 59.5, with potential resistance that may hinder a further upward move.