FxWirePro: Key levels to watch out for heading into NFP (Commodities):

Lots of commodities are hovering around key levels, breaking which could very well define the next move up or down and today’s Non-farm payroll report from US and the volatility associated would be excellent for both bulls and bears to try and break levels.

Here are the key levels to keep tabs on:

Brent Crude:

After long rise since February and WTI faltering bias is towards downside, however bulls are still quite strong enough for one final push before profit booking hits. Currently trading at $40.2/barrel. Key levels to the downside is $38.5, breaking which will immediately lead to drop of $2/barrel. But selling pressure will increase and the level is likely to break if $39.2 goes down. On the upside $40.9 and $42.6 are the keys.

WTI crude:

Bias is completely to the downside and likely to break as low as $34 and $32. Only support lies around $36/barrel on the upside $40.3 area likely to prove as critical resistance.

Copper:

Copper has broken below key support and likely to fall further to test grounds at $2/pound area. Key support is around $2/pound and resistance around $2.26/pound and $2.32/pound.

Gold:

Gold is facing crucial test today, currently it is trading at $1230 area but if it fails to ride on weaker Dollar and break above $1250 area and most preferably above its recent high around $1285/troy ounce, it is risking pushing down to as low as $1130/troy ounce area.

Silver:

For silver $15/troy ounce remains the key, a break could once again lead it to test of $14.5 or lower, whereas $16 likely to serve as key resistance. It may not be reached in NFP today but any other interim levels are insignificant.