#forexbreakfast focus commodity (eng)
Last week, the Bloomberg commodity index closed up 2.1%. Following the news of the Pfizer vaccine. The best sector of the week was the energy sector, up by 5.2%. Thanks in part to the rise in oil in the first half of the week. Towards the end of the week, however, it succumbed to profit-taking and higher US inventories accompanied by the number of drillings, which continues to grow. Good week also for European and US gas. The week was also up for the industrial metals sector, + 1.2%, thanks to positive expectations on demand. Copper is at its highest since mid-2018, thanks to strong Chinese macro data. Excellent week for iron that has closed with an increase of 4.3%. Again thanks to Chinese industrial production that is once again growing at a high rate. The agricultural sector also closed positively, + 1.2%. Soybeans in the lead with an increase of 4.2%, the highest since 2016 thanks to strong Chinese purchases, and the unfavorable conditions on crops in Brazil which is the world’s leading exporter. On the other hand, wheat fell -1.3%.
On the other hand, the precious metals sector fell sharply, -3.4%. Strong decline on Monday for gold, while silver closed the week with a -3.5% and -6.7% for palladium. Petroleum The week was up for oil, which pushed above $ 45, and then dropped later. Oil stopped below 45.82, not testing the resistance at 46.53. The daily oscillator is being overbought, while the weekly oscillator remains neutral.
It has closed the week below the resistance at 43.30. If it closes below that value again, prices could test the trendline at $ 41.
With the strong sales that affected gold last Monday, the price has returned below the 1900 level. During the week, prices stabilized around 1850. On the downside, the support to be monitored remains at 1806, with intermediate levels at 1822 and 1843. On the upside, however, the main resistance remains at 2002 with an intermediate level at 1966.
Last week, copper came just below 7020. This week it touched 7100. The resistance to monitor remains at 7331. In case of a false break, the supports to monitor are those set at 6600 and 6700.