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Commodities Update After April Inflation Data

Written By: ChartChamp

May 15, 2024

USOIL has has shown a lot of weakness since peaking on April 1. This week USOIL has lost support at the lower end of the light blue channel. There should be concerns for continued decline to low $70 price levels.

GOLD Finds Support at the Green Zone

GOLD has rebounded off the green zone, and is starting to slowly trend up towards the red trendline. I have $2,567.50 as a key price target, but I think it will take some time to get there.

SLV Rallies back to $27.31

SLV had a strong rejection at $27.31, but successfully rebounded around $24. SLV has been showing a lot of bullish strength in an attempt to break through the $27.31 resistance target. I have $33.77 as the next key target after that.

ChartChamp socials: https://linktr.ee/realchartchamp

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