#forexbreakfast focus commodity
Short but positive week for all sectors. The Bloomberg index closes up 3.8%, in this way reaching the maximum from the beginning of March.
The best sector was the energy sector, up 7.5%. Good rise also for oil. Especially because of the drop in US stocks. Record levels for Chinese oil stocks. Natural gas increased by 11.2%. While European gas closed 9.7% higher.
The agricultural sector was positive, up 4.9%. Arabica coffee jumps 7% for possible damage to cultures in Brazil.
Positive closing also for the industrial sector + 1.7%, lead by the copper because of the rumors of two weeks production stops in Chile. Iron drops -3%, returning below the $ 100 / T threshold.
Precious metals increased slightly + 0.6% with gold slightly below expectations.
Unchanged considerations for crude oil. It continues to trade above $ 40 / B. Just below the recent highs. Resistance levels to be monitored are located at $ 43.93 / B and 45.2% / B.
On the downside, the supports to be monitored are located at 39.9 and subsequently to 36.4.
After the 1800 quota was exceeded, the gold quotas did not manage to exceed the 1800-1815 quota. The prices remained above the 1775 quota. The bullish signal however remained valid.
The indicators described an overbought situation
Last week the red metal managed to pass the 6000 marks. Currently, the short-term uptrend remains normally. But the situation of overbought and two bearish trains present could lead to an upward stop in the weekly weeks.
A relative maximum is likely to form between 6000 and 6300. A climb to more than 6300 is very difficult with no news on the supply side.