Weekly Commodities Analysis

Week 23 2021

June 7, 2021
Covered Instruments:
Gold ingots
XAU/USD
Silver ingots
XAG/USD
Copper ingots
XCU/USD
US Oil Drop
WTI/USD
Natural Gas symbol
NATGAS/USD
Gold ingots
GOLD (XAU/USD) - Week 23

In our previous forecast, we correctly anticipated that Gold will start a pullback towards the support area. Our forecast for this week is that Gold will break the top once more.

Silver ingots
SILVER (XAG/USD) - Week 23

Our previous forecast for Silver came true, as we anticipated the bearish move that took place last week. In the coming days, we expect the price to break the orange trendline and make a new top. Don’t forget that we are in a strong weekly bullish trend and in the medium-term to long-term we expect the price to reach the $50 psychological level.

Copper ingots
COPPER (XCU/USD) - Week 23

In our previous analysis, we expected Copper to resume the bullish trend. Instead, the price started to fall, reaching the support area. In this context, we expect the price to make another attempt and break the top. We will wait for a trendline breakout and a small pullback to act as a confirmation.

US Oil Drop
US OIL (WTI/USD) - Week 23

Last week, US Crude Oil increased and made a new top. In the coming days, we are expecting the price to lose momentum and start a bearish pullback. We will wait for a trendline breakout, followed by a small flag to act as our confirmation. If not, the pair could continue and rise slowly.

Natural Gas symbol
NATURAL GAS - Week 23

In our last forecast we were expecting Natgas to correct and reach the support level. Instead, the price continued to consolidate, despite our bearish expectations. In the coming week, we expect the price to become bearish and fall towards the support level, as the structure hasn’t changed. This might happen after we reach the top one more time.

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