COMMODITIES: Commodities have recovered the movement seen yesterday. Gold and Silver trade lower but needs to sustain above 1760 and 26 in order to move up again else a fall to 1740-1720 and 25 cannot be negated. Copper may test 4.40 before again rising back to higher levels. Crude prices may face rejection above current levels and could fall back in the medium term.
Brent (67.68) and WTI (64.56) remain stable and we reiterate that the prices can face rejection from 68-70 on Brent and 65-67 on WTI respectively. The rejection could bring back prices down in the next few sessions. View is bearish while respective resistances hold.
Gold (1767.60) has fallen and could re-test 1760. Failure to bounce from 1760 could make it vulnerable to a fall towards 1740-1720 again in the medium term. For it to head towards 1800 again, a bounce from 1760 is necessary.
Silver (26.00) has dipped slightly but if it does not manage to bounce back from here, we may not be able to rule out a possible fall towards 25 in the medium term. Watch price action at 26.
Copper (4.4820) fell from levels seen yesterday. We may expect 4.60 to hold for a few sessions at least while Copper trades sideways within 4.60-4.40 before again attempting to rise sharply.