#forexbreakfast focus commodity (eng)
A third consecutive week down for the Bloomberg commodity index, down by 0.4%. The worst sector of the week was industrial metals -2.2%, which were affected by the strength of the dollar and the rise in stocks of some metals. Copper stocks have been rising for 7 consecutive weeks and, despite this, copper appreciated yesterday, due to good US macro data and new containment measures in Chile. Good week for iron in Singapore + 4.3%. The energy sector was positive + 0.6%. Good oil that canceled the losses of the previous days thanks to the OPEC + meeting. Natural gas TTF + 3.9%, following the cold forecast in Europe and lower than average stocks. The precious metals sector fell -0.4%. After falling below $ 1700, gold has recovered. The agricultural sector is also bad at -0.6%. Arabica coffee -5.4%.
All week it held support at 63.3, despite the OPEC + meeting. This level remains to be monitored, while in the meantime the oscillator is coming out of the overbought. If the support at 63.3 is broken, it could open the way for area 59. On the upside, areas 66.5 and 68.73 remain to be monitored.
The support at 1700 is consolidated. Despite numerous attempts, gold has not managed to fall below this level. The weekly oscillator is oversold. The upside targets currently appear to be 1743 and 1750. On the downside, area 1677 remains to be monitored.
For copper, the support at 8674 is consolidated. On the downside, the first support is at 8244. On the upside, however, the bullish trendline that started in October 2020 is present at 8500, the subsequent resistances are placed at 9081 and 9428.