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.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
[ujicountdown id=”Next Webinar” expire=”2018/07/31 14:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Stuart Cowell
Head Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
