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Good morning Teodor, Last week I highlighted commodities as one of the key areas to watch, expecting gold, silver, platinum and oil to form a low. So far, that view has played out well.
Gold rallied around 6% over the week and recorded its first positive weekly candle in over two months, an encouraging sign that buyers may be returning after an extended period of weakness.
Silver miners were even stronger. The ASX-listed Global X Silver Miners ETF (ASX: SLVM) gained around 10% across the final two trading sessions of the week, highlighting renewed investor interest in the sector.
Platinum also finished higher, while oil only just closed in the green. Although the move was modest, oil continues to hold an important support level that could provide the foundation for further gains if buying momentum builds.
Elsewhere, copper continues to look constructive, while the materials sector has bounced from the support level highlighted last week. Financials are also showing early signs of improving after several weeks of moving sideways.
For investors, commodities remain one of the most interesting areas to watch. Precious metals have begun to show signs of life, while the energy sector could be next if oil continues to strengthen. As always, confirmation from the market will be the key factor in determining whether these early moves develop into a broader trend.
Have a great week.
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