Copper, Oil to Follow Stocks Lower Amid Risk Aversion

 

Spot Gold (NY Close): $1,646.13 // -31.55 // -1.88%

Prices reversed lower through support at 1,658.51, the 23.6% Fibonacci expansion level, with sellers now aiming to retest the 38.2% Fib at 1,634.76 anew. A break below this barrier targets the 50% Fib at 1,615.46. The 1,658.51 level has been recast as near-term resistance.

 

Spot Silver (NY Close): $32.63 // -0.34 // -1.03%

Prices continue to consolidate below resistance at 32.93, the former neckline of a Head and Shoulders (H&S) top carved out between late January and mid-March, and horizontal support at 31.04. A break blower exposes the first downside barrier at 29.79. The H&S setup broadly implies a measured downside target at 26.84.

 

Daily Charts - Created Using FXCM Marketscope 2.0 

About the Author
Ilya Spivak

Ilya Spivak is San Franciisco-based currency strategist for DailyFX.

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