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#forexbreakfast focus commodity eng

The Bloomberg commodity index closed the week up 2.5%, hitting highs since mid-March.

The energy sector and the precious metals sector led the race.

The best sector of the week was the precious sector + 7.2%. The weakness of the dollar was decisive for this performance, according to diplomatic tensions between the United States and China. Gold hit a new all-time high reaching $ 1940. Silver rose 15.6% to $ 24 / ounce. Good performance for palladium + 10.7% and for platinum + 12.5%.

The energy sector showed + 3.1%. The US natural gas led this increase + 5.8%. Oil has touched 45% / b despite the increase in US stocks.

The industrial metals sector also rose + 1.2%. Copper suffered profit-taking while nickel rose 3.3% after Musk’s statements about the possible scarcity of the next few years.

Iron -0.7%. excellent week for coffee while sugar dropped by 2.1% and cotton by 3%.

 

Brent

After hitting the monthly high at 45%, Brent returned to sideways movement for a month now. The resistance to be monitored is at 45.2 while the supports are at 41.89 and 36.4.

 

Gold

The yellow metal hit a new all-time high reaching $ 1940 / ounce.

The indicators are overbought, the high slope of the last candles is difficult to sustain. Pause phase possible.

 

Copper

The copper rush was interrupted by the resistance placed at 6580. The indicators indicate a strong level of overbought.

The level to be monitored downward is that at 6344, the break of which could bring prices down to 6200.

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