UKOil, Daily
Copper is one of the 5 key Commodities I monitor daily and the first to break back over the key 20 day moving average and show some signs of life. However, it was short lived and yesterday it closed back around this key level, as the big down trend from mid June consolidates. UKOil too seems to be having a strong close to the week as it approaches the key $75.00 a barrel and its 20 day moving average – a break over this level could see a rally to $76.50 and even $78.00. Should $75.00 hold and prove resistance then a drift lower to under $72.00 could be expected with strong support around $69.00. The big draw down in USOIL inventories on Wednesday helped lift that contract over $69.00 but its 20 day moving average remains further to the north at the $70.80 level. Gold and Silver both remain in down trends but have consolidated this week at lows ($1220.00 and $15.30) receptively so remain in the “interesting” camp.
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Stuart Cowell
Head Market Analyst
HotForex
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