How we expect the Commodities market to close.

Expectations for the gold market’s closure on Friday are positive, with the price likely to continue trading near its current levels after holding steadily above key technical zones. Following a successful test of the 100-day moving average and trendline, the price is approaching its first resistance zone, which could lead to short-term consolidation. UBS’s optimism, supported by geopolitical instability and lower interest rates, may strengthen the price in the short term. In conclusion, the market is likely to close at higher levels if these factors continue to exert influence.

The commodity market is expected to close today, Friday, with stability or slight declines in the prices of other metals. Copper is likely to hover around $8,963 per ton, while aluminum will remain near $2,621.50 per ton. Over the past week, the dollar has exerted significant pressure on base metal prices, as its appreciation following the U.S. elections has made metals more expensive for international buyers. Expectations are for the market to remain relatively stable, with minor fluctuations through the end of today’s session. More significant movements might occur after November 30, when key indicators of economic activity in China will be released, providing clearer insights into industrial metal demand.

WTI is testing key levels in today’s session. On the 4-hour chart, a full bar has already closed above diagonal resistance and the 200MA, signaling that as today’s session nears its end, WTI may close at current or slightly higher levels.