Commodities Update

Commodities Update

Gold

Gold fell during the week, closing 1.14% lower at USD1255.20 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1254.10 per ounce, marginally higher from the New York close.

Immediate downside, the first weekly support level is seen at USD1243.53 per ounce, followed by USD1233.07 per ounce, while on the upside, the first weekly resistance level situated in USD1271.23 per ounce, followed by USD1288.47 per ounce.

The Moving Average of the Stochas c Oscillator has moved down from the overbought territory generating a bearish signal.

Crude Oil

Crude oil fell during the week, closing 2.38% lower at USD44.68 per barrel.

In the Asian session, at GMT0500, the precious metal is trading at USD44.56 per barrel, marginally higher from the New York close.

The yellow metal is expected to witness its first weekly support at USD43.74 per barrel and second support at USD42.73 per barrel, while the first weekly resistance is expected at USD46.23 per barrel and second resistance at USD47.71 per barrel.

The BOP signal is above zero indicating that the downside might remain limited.

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