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Global Commodity Technical Analysis Report

Commodities Market Rally Paused, One Commodity Expected Break Support Level – Crude Oil

May 08, 2024

CL
Investment Type
Commodity
Risk Level
Action
Rec. Price (US$)

Global Commodity Market Wrap-Up

Last week, metal commodity prices corrected further and garnered some buying interest from lower levels but were unable to sustain the recovery and closed in the red for the weekend. Gold prices traded in a mixed range, facing resistance at higher levels, and settled with a weekly loss of approximately 1.64%. Moreover, Silver also corrected, closing negatively by approximately 3.04%.  While other base metals recovered, with some managing to close on the positive side. Copper and lead prices witnessed a weekly loss of around 0.73% and 0.08%, respectively, while Zinc closed positively by approximately 1.79%.

On the energy front, Natural Gas prices recovered and settled with a weekly gain of approximately 11.39%. However, Crude Oil prices slipped lower due to a decrease in global tension and settled with a weekly loss of around 6.85%. Meanwhile, agricultural commodities prices rallied and closed in the positive zone, with US Sugar also registering a positive close of 1.00%.

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