Misalignment of raw materials, despite the weaker dollar

Despite the weaker dollar, commodities denominated in the US currency ended last week in a mixed fashion as investors narrowed their positions in gold and oil on the last day of the week.
Copper finished slightly on Friday in positive territory due to the weakness of the US dollar. A sharp drop in the price of aluminum has limited the growth of copper.
July's copper futures ended at 3.1115, or woth an increase of 0.05%. The price was supported in the past week by declining copper stocks, which, according to technical analysts, could take the price to 3.1215.
Gold closed slightly down on Friday, but still managed to record its first weekly increase of four weeks. The metal market was backed last week by the dollar depreciation and lower interest rates on US government bonds.
Among the investors, there is speculation that the Fed will not be as aggressive in its policy of raising interest rates.
Gold futures with delivery in June lost $1.6, or 0.12% to $1 320.7 per ounce.
The announcement of a meeting between the United States and North Korea, which will take place in Singapore, also leads to a reduction in geopolitical tensions and, accordingly, weighs on the price of gold.
Meanwhile, the price of oil has fallen from its highest levels for the past three and a half years, but continues to trade relatively close to them. US crude oil fell 0.63 cents, or 0.9%, while brent fell by 0.35 cents, or 0.45%.

Copper - the first victim of the trade war between the US and China?

Last week, the most serious sale took place in two years, as investors were increasingly concerned about the prospects for a trade war. After this sale, the metals seem to have calmed down. However, copper along with other non-noble metals fell again at the auction in Shanghai this week.
This decline seems to have occurred because of the events of Friday. China finally responded to Trump's tariffs referring to section 232 on steel and aluminum imports, announcing plans to introduce reverse tariffs of up to $3 billion on US goods, including seamless steel pipes and aluminum scrap, which threatens to slow global economic growth.
After this announcement, the price of copper fell 1.15%, and non-precious metals showed the worst weekly decline since early February. Quotes fell below the level of the September consolidation, breaking the level of the 200-period moving average, signaling a target at 2.83.

Gold still falling

Quotations of gold futures fell during Asian trade on Tuesday. At COMEX, the division of the New York Mercantile Exchange, gold futures for April delivery are traded at a price of $1.321.70 per troy ounce. The support now is at $1.313.20 and resistance is at $1.329.80.
Futures on the USD index, showing the ratio of the US dollar to the basket of the six major currencies, rose by 0.06% and is trading at around $89.94. As for other commodities traded on COMEX, silver futures for delivery in May decreased by 0.01%, reaching $16.535 per troy ounce, while copper futures for delivery in May decreased by 0.03%, reaching the level of $3.120 per pound.

Gold futures rose during Asian trading

Quotations of gold futures rose during Asian session on Wednesday.
At COMEX, a division of the New York Mercantile Exchange, gold futures for December delivery are traded at a price of $1.277.93 per troy ounce, up by 0.17%. Gold found support at 1.265.90 dollars and resistance - at 1.285.10 dollars.
Futures on the USD index, showing the ratio of the US dollar to the basket of the six major currencies, decreased by 0.06% and is trading at around 94.75 dollars.
As for other commodities traded on COMEX, silver futures for December delivery rose by 0.40% to $17.007 per troy ounce, while copper futures for December delivery rose by 0.06% to reach the level of 3,089 dollars per pound.

Gold is rising

Quotations of gold futures rose during the European session on Friday.
At COMEX, a division of the New York Mercantile Exchange (NYMEX), gold futures for delivery in June are traded at a price of $1.289.65 per troy ounce, up by 0.89%.
Gold found support at $1.248.20 and resistance at $1.290.70.
As for other commodities traded on COMEX, silver futures for delivery in May rose by 1.31% to $18.545 per troy ounce, while copper futures for delivery in May rose by 0.86% to reach the level of $2,567 per pound.