Technical levels for oil, gold, copper and grains as of October 16
Reuters analyst Wang Tao published intraday support and resistance levels for Brent, WTI, gold, copper, aluminium and grain futures.
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what happened
Wang Tao, a Reuters market analyst for commodities and energy technicals, has published intraday price targets across major raw-material contracts. For Brent, the support levels sit at $105.59, $104.51 and $103.50, while resistance is marked at $106.26, $107.34 and $109.08. For WTI, support is listed at $97.53, $96.96 and $96.03, with resistance at $99.22 and $99.97.
For spot gold, the chart points are $4,183, $4,198 and $4,218 on the upside and $4,145 and $4,128 on the downside. Third-month LME copper is watched at $14,375 and $14,443 above and $14,264 and $14,195 below, and LME aluminium at $2,958 and $2,941 below and $2,995, $3,008 and $3,028 above. The December CBOT corn contract is tracked at $4.75-1/4 and $4.70 on the downside and $4.82-1/4 and $4.85 on the upside.
why it matters
The report is purely technical and offers no forecasts, but these levels help traders see where prices have found buyers and sellers within a session. Oil, gold and industrial metals are trading close to the marked boundaries, so a break through any of them could act as a short-term trading signal.
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prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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