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#forexbreakfast focus commodity (Eng)

The year 2020 has ended; the Bloomberg commodity index closed the year down 3.5%, mainly due to the weakness of the energy sector. Black sheep and in countertrend of this sector was the US natural gas down by more than 40%. Excellent year for gold, up 20%, as has not happened for 10 years now. Gold has strongly benefited from negative real rates. A happy new year for silver and palladium up by about 27%. Positive year for non-ferrous industrial metals up by 15.9%. Their prices fell between the first and second quarter of 2020, then recovering thanks to the sustained Chinese demand. Copper closed the year up by more than 20% to its highest level since 2013. Superlative year for iron up by more than 70%, reaching all-time highs of $ 170 / mt. In this case, the strong Chinese demand and problem on the supply side played a crucial role. The agricultural sector closed the year with a rise of 16%, mainly driven by wheat, corn, and soy. Also crucial here was the strong Chinese demand and the unfavorable conditions on the supply side. 2021 seems to have started positively, with the main commodities rising. Brent

The Brent price touched the support at 49.42 and then rebounded and returned to trading near $ 53. The resistance at 52.73 appears to be holding. The weekly stochastic is overbought. A downside is currently not unlikely given the divergence created by the indicators. The supports to be observed remain those at 46.82 and 45.46.

Gold

With the start of the new year, gold broke the bearish trendline that started from last year’s highs. The resistances to be observed are those at 1960/66. For this week gold mustn’t go back below the levels of the bearish trendline.

 

Silver

After a momentary weakness, the price of silver returned to trading above $ 27. The triple bottom that formed has set its potential target at around $ 30. On the downside, the supports to be observed remain those at 25, 24.71, and 23.59.

Copper

The bullish movement now appears to have stalled below 8000, creating support at 7709. The weekly stochastic indicates an overbought situation, while the daily one is neutral. Support to observe remains the one at 7709, a break from it could bring the price down by at least 200 points.

Soy

The overbought situation did not prevent the price from exceeding the 1200 mark. It may reach 1400. December was the seventh consecutive month on the rise. In the case of profit-taking, 1200 could be a good level of support.

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