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Home » International Commodity Update – Weekly technical levels of XAU/USD, Copper Futures and Brent Oil
Commodity weekly update Full Mcx

International Commodity Update – Weekly technical levels of XAU/USD, Copper Futures and Brent Oil

XAU/USD Indian Market View

 

Weekly Technical Levels of XAU/USD, Copper and Brent Oil

Gold prices hit their highest in three weeks on Friday, rising back above $1,750 an ounce after another raft of dismal economic data underlined the limited scope for alternative havens such as bonds to offer a significant premium for the foreseeable future.

 

XAU/USD
XAU/USD Technical chart
Technical Chart of XAU/USD
 

Gold hit its all-time high level at $1752.13 on Friday.

Now, what to expect in XAU/USD

The major trend in Gold is likely to remain positive in the coming week, it has its immediate resistance at $1753.

If it will manage to break and sustain above $1753, then we can expect a continuous rally till $1810—$1865 in the coming days.

The major support is seen at $1690.

Buy it on dips!

 

Copper Futures
Copper Future
Technical Chart of Copper Futures
 

Copper broke its trend line to the downside in the previous week and looks weak on the chart.

It has its immediate support $2.30, break and close below it will see a continuous downside move in it till $2.26—$2.20—$2.15 levels in the coming days.

The major resistance is seen at $2.43. Do not jump to buy Copper.

Trade with levels only.

Brent Oil Futures
Brent Oil
Technical Chart of Brent Oil Futures
 

Brent Oil broke its resistance level of $32.30 and gave a close above it.

Now, what to expect?

If it will manage to sustain above $32.30, we will be able to see a rise in it till $37.30—$43.80 levels in the coming days.

But if it will not be able to sustain at higher levels, it can come down to touch its support level of $27.50 again.

We can go for fresh selling only on a close below $27.50. Below $27.50, it can continue its major negative trend and fall till $22.80—$18.50 again.

Trade with levels only.

 

 

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