Gold and Brent crude oil find support while copper is being capped
Outlook on Brent crude oil, gold and copper prices post extended Easter weekend.
Brent remains sidelined in low volatility range
Brent crude oil continues to be sidelined around the $84.50 mark, having gapped higher in early April, following a surprise OPEC+ production cut of around 1.66 million barrels per day in response to declining prices.
Even though the oil price is on track to regain at least some of Monday’s losses, a rise above last week’s high at $85.94 is needed for the mid-February and March highs at $86.59 to $86.72 to be back in the picture.
Immediate support below Tuesday’s intraday low at $83.99 can be seen along the breached November-to-April downtrend line, which because of inverse polarity now acts as a support line, at $83.05. It sits within the March-to-April $79.91 to $83.45 gap, at least part of which is expected to be filled in the coming days with the 55-day simple moving average (SMA) at $81.90 offering possible support.
Gold retracement lower has found support
Gold’s descent from last week’s one-year $2,032 per troy ounce high has found support along the March-to-April uptrend line at $1,990, both on Monday and also earlier this morning, despite equity markets resuming their advances after the Easter break amid risk-on sentiment.
The precious metal is about to revisit its $2,003 to $2,009 resistance area which consists of the late March highs, a rise above which would allow for last week’s high at $2,032 to be revisited. Were it to be exceeded, the March 2022 high and the August 2020 all-time high at $2,070-to-$2,075 would be back in the frame.
Support below Monday’s trough at $1,982 lies at the $1,959 February high.
Copper recovery stalls along resistance line
The recovery in the price of copper from last week’s $8,666 per ton low on the back of a more positive economic outlook stalled along the March-to-April resistance line at $8,869 on Tuesday morning.
For the next higher 55-day SMA at $8,954 to be reached, a rise and daily chart close above Thursday’s and this morning’s intraday high at $8,874 needs to be seen. While this level caps, Wednesday’s Hammer high on the daily candlestick chart at $8,802 may be revisited.
Further down lies Tuesday’s intraday low at $8,776. Only currently unexpected failure at last week’s $8,666 low would engage the March low at $8,443.
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