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#forexbreakfast – commodities


Last week, oil sales continued despite the high volatility caused by OPEC+. Brent briefly fell to almost the lows of last August near area 65 on Thursday, only to rebound violently the next day.

The weekly chart shows that the downward break of the bullish trendline that began in March 2020 has been confirmed, with Friday also closing below the static support of 70.42.

Source: TradingView https://www.tradingview.com/chart/?symbol=TVC%3AUKOIL

It will be interesting to see if Brent can close the week above this level, as this would provide an early signal of strength. If not, the door is open for a drop towards the August lows of 64.60, with the possibility of a test of the 62.41 static support.



Last week, copper remained within its recent trading range without providing any significant indications. As a result, there is no major news to report from the previous report.

Source: TradingView https://www.tradingview.com/chart/?symbol=CAPITALCOM%3ACOPPER

The metal has maintained its position above critical support levels (9315 is the closest). The old bearish trendline is gradually shrinking and will soon cross the static support level 8992, which represents the watershed level below which there is a real risk of a temporary sell-off.



Last week, gold briefly broke through the short-term bullish trendline that began in August (dashed red line daily chart) but managed to close above it on Friday. Gold has found support at 1764, a static level below which a drop to the lows of 2021 is possible.


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