“Looking for a new trading range of $45-$50 in Brent Crude”, says Craig Erlam, as he joins the Tip TV Finance Show to offer insights on oil, USD/CAD and silver. Interviewed by Zak Mir, Technical Analyst at Zak’s Traders Cafe.
Highlights:
“Oil - Production freeze won’t address the problem of oversupply, given Saudi, Russia are pumping at record highs”
“Oil - Unlikely to be a cut or freeze in September. Same old language.. we stand ready to act if required”
“USD/CAD – 1.30 hasn’t been put to test yet. Breach of 1.30 would be a bullish signal. Rejection at 1.30 would be strong bearish signal”
“Silver – Double top neckline breached.. neckline at 19.20 now strong hurdle.. we could go back to 18.20 levels”