Commodities Update

Commodities Update


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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The CityTA

The CityTA was started with a desire to help new traders succeed in markets dominated by high frequency traders and other market dangers. Our instructors' objective is to bring this diverse knowledge to you. Our training programs are designed to accommodate easy learning for people who have never experienced financial markets. Financial markets have become more complex over the past 10 years. A grasp of market mechanics is important if a trader is to survive. Our focus for our students is to ensure that we give them the correct foundation, so they can develop their own strategy and build on the knowledge they gain to go on to be top performing traders.