Weekly Technical Analysis: Charts Of The Week - Saturday, Apr. 10

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While not as popular as Gold, Platinum is another metal to keep an eye on. The uptrend remains intact and the XPT was spared from a major sell-off. It is now testing a major resistance level around $1237 - a hurdle it failed already in March. With the weakening Dollar and metals picking up momentum, the odds of an upside breakout have improved, and XPT/USD could soon be testing the February high. To the downside, keep an eye on the rising trendline from the January low.

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Commodities

USOIL has moved into a consolidation phase. OPEC and its allies have agreed to ease output cuts, which put oil prices under pressure. On the other hand, rising growth expectations have prevented a deeper correction. Volatility is likely to return in the near-term, and traders are keeping a close eye on the support zone between $57.00 and $57.20 as well as resistance at $62.20/35. A break to the downside could trigger further position covering from speculators. While positioning is no longer at extreme levels, bullish long positions are still outnumbering bearish ones by far. The next significant level of support would then lie at $51.70.

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Copper is still struggling to find a direction following an impressive rally at the beginning of the year, and a narrowing consolidation is taking the shape of a triangle. The Daily RSI is showing that Copper is no longer in overbought territory, and the overall uptrend remains intact. A break to the upside could pave the way for a retest of the 2021 high at 4.37.

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Disclaimer: The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; ...

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