Commodities Look to US GDP to Offset Euro Jitters

Spot Silver (NY Close): $30.09 // +0.38 // +1.25%

Prices put in a Hammer candlestick above support at 30.23 and rebounded to retest a previously broken barrier at 31.11. A push above this exposes falling trend line resistance at 31.70. Alternatively, a reversal lower through immediate support targets the 30.00 figure.

 

Comex E-Mini Copper (NY Close): $3.774 // +0.066 // +1.78%

Prices broke back above 3.713, a former support level recast as resistance, with bulls now aiming to retest the underside of a formerly broken Triangle formation (now at 3.816). The 3.713 level is support once again.

 

Daily Chart - 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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