Weaker Dollar triggered a rally in the Commodity space yesterday. But the bigger picture remains weak for the commodities and this rally could short lived.
The Resistance in 1670-1700 region menitoned yesterday for Gold (1640) is holding well and retains the threat of seeing 1500-1470 on the downside.
Silver (31.27) has come off sharply from its high of 33.58 and remains weak for a test of 26 or even 23 on the downside.
Copper (3.37) is facing Resistance near 3.50 and remains bearish for a fall to 3.00-2.80 in the coming days.
Nymex Crude (83.27) saw a high of 84.77 and has come off from there. With Significant Resistances at 85 and 90 the bigger picture remains bearish for a test of 73-70 on the downside.
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