logo
Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation.
banner
About      Faq       Contact     Shop

#forexbreakfast – commodities

BRENT

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.

 

COPPER

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.

 

GOLD

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.

 

Disclaimer: The services referenced in this website should not be regarded as an offer of solicitation for such services in any jurisdiction where such activity is unlawful. This website is not directed at you, if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use which would be contrary to local law or regulation. Read Full Disclaimer

No Comments
Leave a Comment: