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Global Commodity Technical Analysis Report

Commodities Market Witnessed Recovery Rally, One Commodity Expected to Reverse from its Resistance Level – Crude Oil

Mar 20, 2024

Global Commodity Market Wrap-Up

Last week, metal commodities prices witnessed sharp recovery from lower levels and managed their gain for entire week. Gold prices trading in positive range facing resistance in higher levels and settled with a weekly loss of ~0.18%. Moreover, Silver remains in positive with gain of ~4.35% and other base metals stayed on the positive side. Base metals ended in a positive gain last week. Copper and Zinc prices witnessed a weekly gain of ~6.65% and ~2.05% and Lead closed in positive of ~1.50%.

On the Energy front, Natural Gas prices trading in range bound zone from last two weeks due to weaker demand and settled at a weekly loss of ~7.46%. Moreover, Crude Oil prices also gained momentum and settled with a weekly gain of ~4.85%. Meanwhile, agricultural commodities prices also showed recovery and closed in positive zone and US Sugar also given a positive close of 5.55%.

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