News and Trade Ideas (Commodities)

[MongiIG]

Brent crude oil remains bid while wheat and orange juice prices struggle

Outlook on Brent crude oil, Chicago wheat and orange juice as U.S. dollar falls out of bed.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 13 July 2023 

Brent crude oil prices trade in near three-month highs

Brent crude oil’s advance on the back of total OPEC+ output cuts of nearly 5.2 million barrels per day until the end of August has taken it to levels last traded in early May with the late April high at $80.49 being within reach. Further up beckons the 200-day simple moving average (SMA) at $82.41. Minor support may come in around Tuesday’s $79.36 high and at Wednesday’s $79.06 low.

Source: ProRealTime

Chicago Wheat prices remain under pressure

Chicago Wheat’s swift decline from its four-month June high at $7.70 as the weather in the U.S. has improved has taken it so far to the current July low at $6.27, to below its early July trough at $6.42. The early June low at $6.20 may soon also be reached ahead of the psychological $6.00 region. Resistance above $6.42 is seen along the 55-day simple moving average (SMA) at $6.49.

Source: ProRealTime

Orange juice struggles at resistance

Front month orange juice futures have been unsuccessfully trying to break trough a resistance zone over the past four consecutive days despite a rapidly falling dollar and other commodities surging higher due to this. Orange juice futures so far reached $2.7152, a daily chart close above which is needed for the early June high at $2.7546 to be reached next. While the price of orange juice remains capped, a slip back towards Wednesday’s low and the 55-day simple moving average (SMA) at $2.6398 to $2.6233 remains at hand.

Source: ProRealTime

[MongiIG]

Gold, WTI and wheat prices continue to move higher

Commodity prices have recovered in recent days, with oil prices showing particular strength after being stuck in a range in recent months.

Source:Bloomberg

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 14 July 2023 

Gold pushes on above 50-day MA

The price has surged to its highest level since mid-June. A close above the 50-day SMA marks a bullish development, and opens the way to $1984. Above this the price may move to target the psychologically-important $2000 level, and then the $2050 area. The rally back above $1930 has helped to solidify the bullish view. A drop back below $1930 would be needed to call this view into question.

Source: ProRealTime

WTI back at 200-day MA

Another strong day of gains has resulted in the price returning to the 200-day SMA for the first time since early April. Buyers remain firmly in charge, and with the price now above $74 we may be seeing a change in trend. Further gains target $80 and then the April high at $83. A reversal back below $74 hands the initiative to the sellers once again.

Source: ProRealTime

Wheat price climbs higher

Wheat prices have stabilised after Wednesday’s drop back below the 50-day SMA. A move back above 670 would help to bolster the view that a low is in place for now, though the overall downtrend is still active. Fresh losses will bring the May low around 590 into view. A close above 690 might suggest a move back to 725 and then 750 could be in the offing.

Source: ProRealTime

[MongiIG]

Brent crude oil and Chicago wheat decline while orange juice prices remain bid

Outlook on Brent crude oil, Chicago wheat and orange juice amid a depreciating greenback.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 18 July 2023 

Brent crude oil comes off its three-and-a-half-month highs

Brent crude oil’s three-week rise on the back of total OPEC+ output cuts of over 5 million barrels per day until the end of August has taken it to levels last traded in late April at $81.56. Then it slipped back to its previous resistance, now support, zone at $78.52 to $77.51 on weaker-than-expected Q2 GDP growth in China. This support area is expected to hold on Tuesday. Were this not to be the case, the late June high at $77.24 may be reached as well. Resistance above the May peak at $78.52 can be spotted at the breached June-to-July support line, now because of inverse polarity a resistance line, at $79.14. Further minor resistance sits at Thursday’s $79.75 low.

Source: ProRealTime

Chicago Wheat prices remain under pressure

Chicago Wheat’s swift rally to Monday’s high at $6.95 on news that Russia pulled out of the Black Sea grain deal which led to worries of tighter supply and increased inflation has been followed by a sell-off to the 55-day simple moving average (SMA) at $6.50. Below it beckon the early July low at $6.42, the May-to-July support line at $6.31 and the current July trough at $6.27, provided that no rise above Monday’s $6.95 peak is taking place. Minor resistance below this level can be found at the 11 July high at $6.69 and at the 5 July high at $6.82.

Source: ProRealTime

Orange juice tries to break through resistance

Front month orange juice futures have been unsuccessfully trying to break trough a resistance zone over the past week despite a depreciating dollar which helped other commodity prices rise. Orange juice futures so far reached $2.7152, a daily chart close above which looks ever more likely, though, and is needed for the early June high at $2.7546 to be reached next. The price of orange juice will retain its bullish bias while it remains above last week’s low at $2.6398 on a daily chart closing basis. Below it meanders the 55-day simple moving average (SMA) at $2.6207.

Source: ProRealTime

[MongiIG]

WTI rises on China stimulus package but gold and silver retrace lower

Outlook on WTI, gold and silver amid appreciating U.S. dollar.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 21 July 2023 

WTI rises on China stimulus package

WTI is heading back up towards the 200-day simple moving average (SMA) at $76.68 following an announcement by Beijing that it will introduce measures to help boost sales of automobiles and electronics with the aim of shoring up its sluggish economy. Above the 200-day simple moving average (SMA) at $76.68 sits last week’s high at $77.17 which is back in focus. These levels are expected to be reached provided that this week’s low at $73.78 holds. It was made close to the mid-May and early June highs at $73.89 to $73.82. Above $73.78 lie the June-to-July support line at $75.02 and Thursday’s low at $74.51. Should $73.78 be fallen through, however, minor support around the $72.70 late June high may be reached instead. 

Source: ProRealTime

Gold comes off its two-month high as the U.S. dollar regains lost ground

Several times this week the gold price tried to overcome the $1,983 per troy ounce June peak but so far to no avail. The recovering U.S. dollar has led to the precious metal short-term topping out at $1,987 on Thursday with it sliding back towards the July support line and 55-day simple moving average (SMA) at $1,958 to $1,957. Further down lies Monday’s low at $1,946 which may also be reached, provided that $1,987 caps. While the $1,946 Monday low underpins, however, the medium-term uptrend remains intact.

Source: ProRealTime

Silver consolidates below its two-month high

Silver’s swift advance to its $25.26 per troy ounce two-month high has lost upside momentum as the greenback is regaining recently lost ground. A slip back to Monday’s $24.61 low may thus be on the cards, a drop through which would engage the late April low and June high at $24.52 to $24.50 which are likely to hold. If not, a more pronounced decline may take the precious metal to the mid-June high at $24.21. Above Thursday’s high at $25.26 lie the 20 April high at $25.49, followed by the April and May peaks at $26.09 to $26.13.

Source: ProRealTime

[MongiIG]

Gold and silver prices edge lower, but Brent crude oil price heads higher

Oil prices have seen renewed strength, but precious metals are struggling this morning.

Source: Bloomberg

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 24 July 2023 

Gold edges lower

Gold prices have rallied from the beginning of July, but have fallen back over the past three sessions. The break back above the 50- and 100-day SMAs helps to solidify a new bullish view, after the pullback over the past two months. If the price can hold above $1960 then the bullish view remains intact and the price may then target $1980 and higher. Alternately, a reversal below the 50-day SMA would see the $1930 level come in as potential support once more.

Source: ProRealTime

Brent heading higher again

Oil prices have shown further strength over the last week, adding to the view that a more sustained period of upside is in the offing. The rebound off the 100-day SMA now puts the price on course to target the 200-day SMA, which the price has not touched since August last year, Above this the longer-term view targets $85. A reversal back below the 100-day SMA might indicate that the sellers have regained control.

Source: ProRealTime

Silver retreats for a third day

The price has fallen back over the past two sessions, with further losses this morning. A close back below the $24.55 level would potentially indicate some more short-term weakness, though after the sharp gains since the June low some losses were to be expected. Buyers will want to see a close back above $25 to revive the bullish view and open the way to the highs around $26, while additional losses target the 100-day SMA.

Source: ProRealTime

[MongiIG]

Gold prices under pressure, while WTI and wheat prices enjoy strong gains

While gold is still finding it hard to resume its move higher, WTI crude oil and wheat prices have both seen strong gains.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 25 July 2023 

Gold struggles to move higher

The price struggled for another day yesterday, slipping back below the 100-day SMA. It is attempting to recover this morning, and if it can hold above $1960 and push on back above the 100-day SMA again a more bullish view may prevail. This would target $1985 and then $2000. A drop back below $1950 would advance the bearish case, and potentially see the price head back to $1930 and then $1900.

Source: ProRealTime

WTI shoots through 200-day SMA

Gains have continued for the commodity, and Monday’s session witnessed a surge above the 200-day SMA. This takes the price to its highest level since late April. Further gains will target $82, and then on to the peak at $82.94 from mid-April. This time, this level is firmly above the 200-day SMA. A drop back below the 200-day SMA might yet suggest that the sellers have regained control, with a move below $74 confirming this view.

Source: ProRealTime

Wheat price surges

Wheat prices have seen further strength over the past week as the Russia-Ukraine grain deal has broken down. The price has surged from the lows of July, and in trading overnight reached its highest level since mid-February. So long as the price holds above 700 then a more bullish view will begin to emerge. Further gains target 790 and then 825, and a move back below 700 would be needed to reverse the growing bullish view.

Source: ProRealTime

[MongiIG]

Gold, oil and wheat prices all move higher

Commodities are broadly higher today, thanks to a softer dollar following the Fed decision.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 27 July 2023 

Gold rises for a third day

A softer dollar has provided scope for gold to move higher, and now it is back to the highs seen last week. Further gains from current levels would target $2000, and then on to $2050. The bullish view has been given renewed strength by recovery above $1850. Sellers would need a move back below the 50-day SMA to suggest that the rally has been stalled, and then further losses might target the lows of June around $1900.

Source:ProRealTime

WTI looks to move higher

After an indecisive day yesterday, the price has edged higher, holding on to the gains made over the past two weeks. A new push higher would target $81, a resistance level in February and March. Beyond this, the April high at $83.40 comes into play. Trendline support from the June lows continues to underpin the move higher. A move back below the 200-day SMA might negate the short-term bullish outlook, and signal a possible move back to $75. However, the bears will need a move back below $74 to suggest that they are in control once again.

Source:ProRealTime

Wheat rallies off 200-day SMA

After a drop yesterday the price has stabilised, bouncing off the 200-day SMA. This leaves the general rally intact, though a close above 770 is still needed to solidify the bullish view and signal that a breakout has taken place. Above this the 788 and 806 levels come into view. Trendline support from the July low has helped maintain the move higher, but a drop back below the 200-day SMA would also see the price break this support, and introduce a potential bearish element to price action.

Source:ProRealTime

[MongiIG]

Gold and silver fall back, while Brent crude makes headway

Gold and silver under pressure while Brent crude pushes higher once again.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 28 July 2023 

Gold returns to 50-day MA

The price was knocked back sharply from the highs seen on Thursday, taking it back to the 50-day SMA. If this can hold then the price may be able to recover and move higher in coming sessions, potentially targeting $1980 once more. Sellers have been given a chance to drive the price lower, and from here the next target would be the $1900 level if a close below the 50-day SMA can be achieved.

Source: ProRealTime

Brent pushes higher

Gains continue here, leaving the buyers firmly in charge. The price has shown no sign of reversing, and further upside would take the price towards the highs of February – April around $86 and $87. The current bounce from the mid-month low is still intact. A reversal back below the 200-day SMA might signal a pullback is beginning, but a move below $80 would be needed to negate the bullish view for now.

Source: ProRealTime

Silver slumps after BoJ meeting

Silver prices fell sharply yesterday, taking them back to a two-week low. Having fallen back below the June highs some further weakness towards the 50-day SMA may result, or down to the 200-day SMA or the lows of June around $22.20. A recovery above $24.50 would give hope to the bulls that the price can recover and test the July highs once again.

Source: ProRealTime

[MongiIG]

Gold, oil and copper prices aiming for fresh gains

Gold is aiming to continue its recovery from Friday, while oil and copper prices are in strong form.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 31 July 2023 

Gold hopes to continue Friday’s recovery

Thursday’s losses stalled at the 50-dy SMA, and the on Friday the price rallied off this level, recovering $1950. A continued move higher now targets the $1980 level which held back progress in May and during July. A close above this then opens the way towards $2000 and higher. Sellers will want to see a close below the 50-day SMA that can then open the way to the June/July lows around $1900.

Source: ProRealTime

WTI at new highs

Friday saw the price close above $80 for the first time since mid-April. The commodity has enjoyed impressive gains since the lows of June, with only some brief weakness mid-month. Since clearing the 200-day SMA the price has enjoyed further gains, underpinned by trendline support from the June low.

Fresh upside targets $81, last tested in March and April, and then beyond this the April high at $83.40. A drop below trendline support and then back below the 200-day SMA might help to neutralise the bullish view in the short-term.

Source: ProRealTime

Copper looks for more gains

After a huge recovery on Friday the price appears on the cusp of a breakout. It is now testing trendline resistance from the 23 January high, and beyond this lies trendline resistance from the 2023 high. A daily close above $87 helps to bolster the bullish view.

Trendline support from the May low may help in the event of a reversal, but a close below $84 would suggest a break to the downside that could revive the bearish view.

Source: ProRealTime

[KoketsoIG]

Gold price lower ahead of key China-US data events

Gold extended losses on Monday but recovered slightly from last week before the release of key economic data from the US and China, while rising US Treasury yields has weighed on gold in recent sessions.

 

Forex Commodities Gold United States Gold as an investment Price

 

IG Analyst | Publication date: Monday 07 August 2023 13:58

(Video Transcription)

Gold makes small recovery

With Angela Barnes, IG financial analyst

Well, gold extended losses today, but has recovered slightly from last week before the release of key economic data from the US and China as the market struggles for clear direction.

Looking at the gold price chart today, gold is down about 0.35% today and it's trading around $1,936 an ounce. So, rising US treasury yields driven by concerns over higher interest rates and a US ratings downgrade has weighed on gold prices in recent sessions and a recovery in the US dollar has also put pressure on gold.

Worst performance in a month

On Friday, the precious metal saw some relief following weaker than expected US non-farm payrolls data. However, it still closed the week about 1% lower, marking its worst performance in over a month. Although since the start of the year, gold has gained about 8%.

[KoketsoIG]

Metals outlook: China demand outlook clouds over

As China's economic data sours, Liberum Capital mining analyst, Ben Davis, tells IGTV's Angeline Ong why extra stimulus won't make a big impact on global metals demand from China.

 

Commodities Coal China Copper Rhodium Palladium

 

 Angeline Ong | Financial Analyst, Presenter and Content Editor, London | Publication date: Thursday 10 August 2023 14:09

(Video Transcript)

Iron, copper not so bright now

It's an interesting one. The usual playbook was if China is suffering that you should then expect stimulus to be around the corner and you should start buying iron or you should start buying copper because that's what they usually use for their traditional growth engines.

What's probably more likely or where the stimulus is going to have a bigger impact is in items such as platinum group metals (PGMs), where certainly we expect internal combustion engine sales to start improving for cars.

Go for the unloved ones: coal and PGMs

So, that would then lift palladium and rhodium, the prices of which have already completely crashed out. And then also similarly, coal: we expect to see probably improvement there into the winter as it's not necessarily anything to do with the stimulus programme.

So, go for the unloved ones. Go for coal and PGMs that are already on the floor in terms of marginal pricing.

[KoketsoIG]

Watch wheat, corn, soy price volatility, rising Black Sea tensions

Chicago wheat, soybeans, and corn lost ground and bounced back as a Russian warship’s firing of warning shots at a cargo ship in the Black Sea region heightened concerns over world supplies.

 

Shares Commodities Wheat Soybean Futures contract Chicago

 

 Angeline Ong | Financial Analyst, Presenter and Content Editor, London | Publication date: Monday 14 August 2023 12:16

IGTV financial analyst @AngelineOng takes a look at which direction sentiment is blowing for these agricultural commodities.

(Video Transcript)

We're seeing lots of volatility in Chicago Wheat and also soybeans and corn. Giving you the charts in just a moment. But the reason for this volatility is after a Russian warship fired warning shots at a cargo ship in the Black Sea region. And all this is feeding into concerns the world supplies.

Chicago Wheat

Let's have a look at the chart. Now, this is Chicago wheat there. As I mentioned earlier, a lot of the volatility has come down slightly, but we are still seeing that Chicago Board of Trade, the financial instrument, they're adding some 0.45%.

Corn

That's 0.45% now. Checking in on corn for you as well. This is a picture there for core similar to wheat. We have seen some of that volatility come off.

Soybeans

Now, how about soybeans? Here we are, soybeans on the platform. Same picture there. However, we're still seeing a gain of more than 1%. The Russian warship, which fired the warning shots, there hasn't been any indication yet as to what its intentions were.

But we do know that this was the first time that Russia has fired on merchant shipping beyond Ukraine since exiting a landmark U.N. brokered Green Deal last month.

Commodity Futures Trading Commission

So where is the salad dressing? How do we read and filter this information? Well, I can tell you that the Commodity Futures Trading Commission has weekly commitments of a trader's report.

Also show that noncommercial traders, a category that includes hedge funds, have increased their net short positions in sea wheat and cut their net long position in soybeans.

[KoketsoIG]

Trading the Trend: long orange juice

Orange juice futures prices are expected to continue their upward trajectory. We would thus like to go long front month orange juice futures with an upside target at $3.30 and a stop-loss at $2.87.

Forex Order Orange juice Futures contract Juice Trade

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 16 August 2023 14:22

(Video Transcript)

Going long on USD/CNY price paid off

Hello, and welcome to Trading the Trend on Wednesday, 16 August 2023. Last week, my colleague Jeremy Naylor went long with the US dollar versus the Chinese yuan, and he did so for fundamental and technical reasons.

And as you can see here, that trade worked out really well on the daily chart, because he went long around 722, and now we're trading around 732, and are heading towards the high seen back in October of 2022, around 737.

What I would suggest you can do with that trade is basically to move your stop loss level to break even, thereby having a free trade on from now on. Now this brings me to this week's Trading the Trend.

OJ share prices stay juicy

As you can see here, orange juice prices keep on rising, and the trend is still pointing higher. We've now had a break above the recent minor highs here of this sideways consolidation phase.

Therefore I'd like to go long again on orange juice around $3, or between sort of $3 or $4 and $3, with a stop loss just below the recent or early August lows at $2.87, and that incidentally was basically where the orange juice price stabilised around the May highs. Some investors might think it's risky to buy into a market which is making all-time highs or multi-year highs.

But as you can see here, the worry was the same back in October of last year when we were trading around $2 with regards to orange juice, and then yet we went much higher to the current $3 and so forth.

The trend is your friend

So, the trend is your friend, that's what Trading the Trend is all about, and as you can see here, we are now likely to continue this upward trend in the price of orange juices.

Next week's Trading the Trend is to go long orange juice with a stop loss below $2.87 and an upside target of around $3.30.

[MongiIG]

Brent crude oil rises on China demand optimism but gold, silver prices remain under pressure

Outlook on Brent crude oil, gold and silver as the People’s Bank of China slashes its one-year loan prime rate to a record low of 3.45%.

Source:Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Monday 21 August 2023 

Brent crude oil price rise on China demand optimism

The price of Brent crude oil is on track for its third day of gains on hopes that Chinese authorities would introduce more policy measures to boost economic growth. The People’s Bank of China’s (PBOC) easing of its monetary policy on its 1-year loan prime rate to a record low of 3.45% has been interpreted by traders as a step in the right direction with the oil price heading back up towards its early August high at $85.93.

Further up sits the 4 August high at $86.55 ahead of the current August peak at $87.83. While the early August and last week’s lows at $82.81 to $82.31 underpin, the medium-term uptrend in Brent crude oil remains intact.

Source: ProRealTime

Gold price continues to slide

The one-month decline in the price of gold is ongoing with the mid-March low at $1,886 about to be reached. Further down beckons the March $1,872 to $1,870 price gap. The one-month resistance line at $1,894 caps any attempt of a bounce for now, above which linger the minor psychological $1,900 mark and the 200-day simple moving average (SMA) at $1,908. While the precious metal price remains below it, overall downside pressure should remain in play.

Source: ProRealTime

Silver still range trades above its $22.12 June low

Silver’s decline from its $25.26 per troy ounce two-month high has taken it to a seven-week low at $22.23, to marginally above the $22.12 June low, last week. The precious metal remains within its downtrend channel and below last week’s $23.01 high.

While it and the next higher 200-day simple moving average (SMA) at $23.30 cap on a daily chart closing basis, the medium-term downtrend retains the upper hand. Only a drop through the June and current August lows at $22.23 to $22.12 would most likely result in a fall towards the psychological $20.00 region taking place.

Source: ProRealTime

[MongiIG]

Brent crude oil slips on demand concerns while gold, silver prices rise

Outlook on Brent crude oil, gold and silver as the U.S. dollar continues to appreciate ahead of Thursday’s Jackson Hole symposium.

Source: Bloomberg

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 23 August 2023 

Brent crude oil price slides on demand concerns

The price of Brent crude oil is slipping once more as Chinese policy measures to boost economic growth disappoint. The early August and last week’s lows at $82.81 to $82.31 are thus back in focus. If fallen through, the mid-July high at $81.56 ahead of the 200-day simple moving average (SMA) at $80.98 could be back in the frame.

Minor resistance above Monday’s low at $84.04 can be seen at this week’s high at $85.54. While it isn’t bettered, short-term downward pressure looks to be dominant. While the $82.81 to $82.31 support area holds, the medium-term uptrend in Brent crude oil remains intact, though.

Source:ProRealTime

Gold on track for third day of gains

The one-month decline in the price of gold to this week’s $1,885 per troy ounce low has been followed by a minor recovery rally towards the 200-day simple moving average (SMA) at $1,909. While the precious metal price remains below it on a daily chart closing basis, overall downside pressure should retain the upper hand, though.

Minor support below Friday’s high at $1,897 can be spotted at the $1,893 late June low and at this week’s $1,885 trough. Currently unexpected failure at $1,885 would lead to the mid-March price gap between $1,872 to $1,870 being eyed.

Source:ProRealTime

Silver rally pushes towards the $24.00 mark

Silver’s rally off its seven-week low at $22.23, made marginally above its $22.12 June low, has been followed by a near 6% rally in the past week. The precious metal is fast approaching its late July low at $24.05.

Slightly above it lies the 24 July low at $24.27, a rise above which would target the June peak at $24.52. Minor support below the 55-day simple moving average (SMA) at $23.56 comes in along the 200-day simple moving average (SMA) at $23.32. While above it, immediate upside pressure should be maintained.

Source:ProRealTime

[MongiIG]

Brent crude oil, gold and silver prices grind higher

Outlook on Brent crude oil, gold and silver ahead of this week’s inflation, growth and employment data.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 29 August 2023 

Brent crude oil price recovers

Brent crude oil’s recovery off Thursday’s $81.68 low is once more trying to reach the August resistance line at $84.46 ahead of last week’s high at $84.70. If overcome, last Monday’s high at $85.54 could be reached next.

Short-term upside momentum should remain in play while the $82.81 to $82.31 early and mid-August lows underpin. If not, last week’s low at $81.68 would likely give way with the 200-day simple moving average (SMA) at $80.82 being eyed in this instance.

Source: ProRealTime

Gold price continues to grind higher

The gold price’s rally off its $1,885 per troy ounce one-month low is ongoing with it grinding higher towards the 55-day simple moving average (SMA) at $1,932. Above it resistance can be found between the mid-July low and 4 August high at $1,946 to $1,947. Support is likely to be offered by the 200-day simple moving average (SMA) at $1,913.

Further minor support sits at last Friday’s high at $1,904 low, at the $1,893 late June low and more important support at last week’s $1,885 trough. Currently unexpected failure at $1,885 would lead to the mid-March price gap between $1,872 to $1,870 being targeted.

Source: ProRealTime

Silver rally stuck below last week’s $24.38 high for now

Silver’s rally off its seven-week low at $22.23, made marginally above its $22.12 June low, has been followed by an over 8% rally to last week’s $24.38 high before it stalled. If overcome, the June peak at $24.52 would be targeted next, ahead of the July peak at $25.26. Minor support is seen a long way off along the 55-day simple moving average (SMA) at $23.58.

Source: ProRealTime

[MongiIG]

WTI, gold rise while Chicago wheat drops to near 3-month low

Outlook on WTI, gold and wheat as the US dollar gives back some of its recent gains.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 30 August 2023 

WTI nears last week’s high

WTI is once again heading up and is about to test last week’s high at $81.73 per barrel as US crude oil inventories tumbled by 11.5 million barrels last week, far exceeding expectations of a 2.9 million barrel decline.

This, together with fears that a hurricane in the Gulf of Mexico might lead to supply disruptions, pushed the price of oil up. If last Monday’s $81.73 high were to be exceeded on a daily chart closing basis, the August peak at $84.39 would represent the next technical upside target, provided that last week’s low at $77.60 underpins. A currently unexpected fall through Wednesday’s low at $77.60 would put the $77.17 mid-July high on the map, below which meanders the 200-day simple moving average (SMA) at $75.98.

Source: ProRealTime

Gold rises to three-week high

Gold’s advance from its current $1,885 per troy ounce August low has so far taken it above the 55-day simple moving average (SMA) at $1,932 towards the late July low at $1,943 ahead of the minor psychological $1,950 zone. The rise in the gold price is fueled by a slip in the US dollar from its 2 ½ month high, hit last week.

Potential slips should find support along the 55-day SMA at $1,932 and below it around the mid-June low at $1,925. Provided the next lower 200-day simple moving average (SMA) at $1,914 underpins, further upside is expected to be seen in the days and weeks ahead.

Source: ProRealTime

Chicago Wheat prices fall to a near three-month low

Chicago Wheat’s decline from its $7.85 late July high has taken it to a near three-month low around the $6.00 mark, pressured by weaker Russian domestic and export demand amid a better outlook for the country’s as well as the US’s wheat harvest.

The May low at $5.82 represents the next technical downside target while the two-month downtrend line at $6.17 caps. Minor resistance below it sits at the $6.13mid-August low.

Source: ProRealTime

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Brent crude oil, silver and natural gas prices probe resistance

Outlook on Brent crude oil, silver and natural gas ahead of US PCE inflation and unemployment data.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 31 August 2023 

Brent crude oil stalls at minor resistance

Brent crude oil’s recovery off last week’s $81.68 low has encountered resistance around last week’s high at $85.54, a daily chart close above which is needed for the August peak at $87.38 to be back in the pipeline.

Minor support can be found between the 8 August and this week’s lows at $83.30 to $83.20 with further support seen along the June-to-August support line at $82.86. Upside momentum should remain in play while the $82.31 early August low underpins. If not, last week’s low at $81.68 would likely give way with the 200-day simple moving average (SMA) at $80.80 being eyed in this scenario.

Source: ProRealTime

Silver rally runs into resistance

Silver’s rally off its seven-week low at $22.23, made marginally above its $22.12 June low, has been followed by an over 11% rally to Wednesday’s high at $25.01 before it paused. If overcome, the July peak at $25.26 would next in line.

Minor support is seen at last week’s highs at $24.38 to $24.36. While the next lower daily reaction Friday low at $23.92 underpins, the short-term uptrend remains intact.

Natural gas prices surge once more

Natural gas prices once again surged higher, to Wednesday’s high at $2.83 MMBtu, as Chevron workers at two of Australia’s largest liquified natural gas (LNG) production facilities plan to strike on 7 September which puts 10% global LNG supply at risk. Potential upside targets for front month natural gas futures are the 15 August high at $2.919 and the June peak at $2.930 ahead of the current August high at $3.050.

Technically these price targets will remain in play while Tuesday’s low at $2.633 holds on a daily chart closing basis. Minor support above this level can be seen around the 21 August high at $2.765 and also along the 55-day simple moving average (SMA) at $2.688.

Source: ProRealTime

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Gold and natural gas move higher while oil holds near 2023 highs

Gold and natural gas prices have recouped initial losses, while oil is sitting just below last week’s ten-month highs.

Source: Bloomberg

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 04 September 2023 12:06

Gold steady in early trading

Friday saw the price attempt a rally, but it ran out of steam below the 100-day SMA once again. If the price drops back below $1930 then a lower high could be in view once again potentially resulting in a move back to the August lows and bolstering the case for a new downtrend. It would need a move back above $1956 to cancel out that view and suggest that a new rally towards $1980 could be in the offing.

Source: ProRealTime

WTI at 2023 high

Crude oil’s resurgence has seen the price move to its highest level since November, breaking through the early August high. This now puts the price on course to hit $89 in the medium term, a level last seen in mid-November. Beyond this, the October and November high at $92.95 is the next major target to the upside.

Sellers have been firmly shut out of price action over the last week, and it would need a reversal and close back below $80 to suggest that bullish momentum has been arrested.

Source: ProRealTime

Natural Gas rallies off opening lows

While the price has rallied off the lows of late August, recent action has seen upward momentum stall. A close above 2900 would be needed to spur more bullish momentum that might then result in a move back to the 200-day SMA and the 3050 level that marked the August high. A close back below the 50-day SMA (currently 2690) puts the sellers back in charge with another attempt to move below the 100-day SMA beginning.

Source:ProRealTime

[MongiIG]

WTI stalls while silver falls with orange juice expected to do so as well

Outlook on WTI, silver and orange juice futures as US traders return from their Labor Day holiday.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 05 September 2023 

WTI stalls at ten-month high

WTI’s 10% rally over the past couple of weeks on tighter supply and increased optimism surrounding China’s stimuli has taken it to $85.73 per barrel current September high. Below this level the oil price currently struggles to rise further still as China's services sector expands at its weakest pace in eight months.

A rise above $85.73 would engage the 11 November 2022 high at $89.39 ahead of the psychological $90 region. Support can now be seen at the $84.39 August peak.

Source: ProRealTime

Silver on track for fifth consecutive day of decline

Silver’s bearish reversal off its $25.01 August peak has swiftly taken it back down towards the 55-day simple moving average (SMA) at $23.62. Below it lurks the 200-day SMA at $23.46 which is also likely to be hit as the precious metal remains on track for its fifth consecutive day of decline.

Were the 200-day SMA to give way, the early July high at $23.30 could be reached as well. A potential bounce is expected to encounter minor resistance around the 25 August low at $23.92 and also the 27 July low at $24.04.

Source: ProRealTime

Orange juice futures come off their recent all-time highs

Last week front month orange juice futures shot up close to their August all-time high as hurricane Idalia and the spread of an incurable disease pushed prices higher. With overall orange juice production in the US hitting its lowest levels in the past century, front month orange juice futures have twice risen to the $332 region per 15,000 Lbs. during August before slipping back to the July high at $310.75 which offered support.

Were it and the July-to-September uptrend line to give way, the 22 August low at $305.94 would be eyed, together with the $330 region. Such a bearish reversal scenario looks likely as last week’s bearish engulfing pattern on the daily candlestick chart points to, at least in the short-term, lower prices. The August low at $287.23 may also be in reached.

Only a currently unexpected rise and daily chart close above the August peaks at $332.12 to $332.67 would push the $350 mark to the fore.

Source: ProRealTime

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WTI stalls on demand concerns while gold and silver fall as greenback hits 6-month highs

Outlook on WTI, gold and silver amid appreciating US dollar and slowing growth in China.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 07 September 2023 

WTI stalls at ten-month high

WTI’s over 10% rally on tighter supply and increased optimism surrounding China’s stimuli is stalling on fears that future energy demand could weaken amid China’s slowing economic growth. The country’s trade surplus narrowed in August as exports declined on softer external demand, while imports also fell amid weak domestic consumption.

Further consolidation below this week’s high at $87.61 is thus at hand. Were this high to be exceeded, however, the 11 November 2022 high at $89.39 would be targeted ahead of the psychological $90 region. Minor support sits at the 1 September high at $85.70 and more important support at the $84.39 August peak.

Source: ProRealTime

Gold price drops on three consecutive days on rising US dollar

Gold’s advance from its $1,885 per troy ounce August low has taken it to last week’s $1,953 high as the US dollar’s appreciation gave way to a corrective move lower. Now that the greenback resumed its ascendency and trades in six-month highs, the precious metal price is seen slipping again.

Currently the 200-day simple moving average (SMA) at $1,919 is being revisited with the 25 August low at $1,904 representing a possible additional downside target. Resistance comes in along the 55-day simple moving average (SMA) at $1,931 and also around the late July low at $1,943.

Source: ProRealTime

Silver on track for seventh consecutive day of decline

Silver’s bearish reversal off its $25.01 August peak has swiftly taken it back down towards the mid-August high at $23.01. If fallen through, the late May low at $22.68 would be next in focus, followed by the key $22.23 to $22.12 support zone. It consists of the June and August lows. Resistance can now be found between the 200- and 55-day simple moving averages (SMAs) at $23.47 to $23.64.

Source: ProRealTime

[MongiIG]

Gold and silver edge higher while WTI price targets fresh gains

Some dollar weakness has allowed gold and silver prices to recoup some losses, while oil is looking for new gains once again.

Source: Bloomberg

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 11 September 2023 

Gold’s bearish view held back for now

Early trading on Monday has seen gold manage to rally off the 200-day SMA, after falling back from the 100-day SMA during the course of September so far. Should the price manage a close back above the 50-day SMA, then additional bullish momentum could see the price mount an attempt to clear the late August high around $1950, and if this is successful, the late July high around $1980 then comes into view. A close below $1915, last week’s low, hands the initiative to the sellers once more, and brings the August low around $1885 into view once more.

Source: ProRealTime

WTI rises once again

After a brief wobble last Thursday, the price has recovered and is back on the up once more. A close above last week’s high of $87.70 would then open the way to $89 and then the October/November high at $92.95. Momentum remains firmly bullish, with the daily MACD continuing to rise, and the medium-term view has been supported by the mid-August golden cross of the 50- and 200-day SMAs. So far sellers have been unable to wrest control of the price action, and for a pullback to develop we would need to see a close back below $84.

Source: ProRealTime

Silver rallies off its lows

The price has made headway in early trading, although there is a long way to go before it can make up the losses suffered over the last two weeks. If the price stabilises around these levels then a move back above the 200-day SMA might help to solidify a near-term low. This might then allow an eventual move towards the late August highs around $25. A close below $22.84 would reverse this view and open the way to the August lows at $22.30.

Source: ProRealTime

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Brent crude oil trades near 10-month, sugar near 12-year highs while copper stalls

Outlook on Brent crude oil, copper and sugar ahead of OPEC and US EIA monthly outlook reports.

Source: Bloomberg

 

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 12 September 2023 

Brent crude oil trades close to ten-month high

The price of Brent crude oil remains close to its ten-month high seen on Monday at $91.18 as investors await key monthly outlook reports by both OPEC and the US EIA later on Tuesday. A rise above the $91.18 high would push the July 2022 low at $92.43 to the fore and perhaps also the mid-September 2022 high at $95.19.

Potential slips should find support around Friday’s low at $89.09. While it underpins, further upside pressure remains in store. Further down potential support can be spotted between the 5 September and mid-August high at $87.92 to $87.83.

Source: ProRealTime

Copper price rise stalls

A pullback in the US dollar on Monday ahead of key US inflation data on Wednesday boosted risk sentiment and made dollar-priced commodities such as copper more attractive for international buyers. Following last week’s 3% drop in the copper price, it regained most of its losses by rising to the 55-day simple moving average at $8,422 per tonne on Monday but is being capped by it on Tuesday morning.

A rise above this week’s high at $8,431 is needed for another potential bullish leg to gain traction and for the August-to-September downtrend line at $8,516 to be back in sight. Further up lies more significant resistance between the early September high and the 200-day simple moving average (SMA) at $8,599 and $8,604. Minor support is to be found around the 25 August low at $8,323 ahead of the 8 August low at $8,278.

Source: ProRealTime

Sugar #11 consolidates below 12-year high

Front month sugar futures short-term consolidate below last week’s near 12-year high at 27.22 and currently trade back below their 26.81 April peak, as deficient rains lead to concerns about Indian sugar production. While the 7 September low at 26.16 underpins, the odds continue to favour an upside break.

A daily chart close above the 27.22 high would target the psychological 30.00 mark. Minor support below the 26.21 to 26.16 June peak and Thursday’s low sits at the late August 26.11 high. While the last significant reaction low – the late August trough at 25.30 -  underpins, the medium-term uptrend remains intact. A reaction low is made when the low of a daily candlestick is below that of the day preceding it and the day following it.

Source: ProRealTime

[MongiIG]

WTI rallies on tight supplies while gold falls and orange juice stalls near all-time highs

Outlook on WTI, gold and orange juice futures ahead of US inflation data release.

Source: Bloomberg

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 13 September 2023 12:33

WTI trades in new ten-month highs

WTI’s near 15% rally to a new ten-month high - as OPEC predicts tights supplies and as US stocks fall – is gunning for the psychological $90 mark. En route are the September, October and mid-November 2022 highs at $89.39 to $89.70. Slips should find support around the early September highs and the August-to-September uptrend line at $87.61 to $87.50. More important support comes in at the $84.39 August peak.

Source: ProRealTime

Gold price slips ahead of US CPI

Gold’s 2% slide from its $1,953 per troy ounce early September high is ongoing ahead of today’s widely anticipated US CPI release. A fall through Tuesday’s low at $1,908 would put the July and 25 August lows at $1,904 to $1,903 back on the map.

Resistance can be seen along the 200-day simple moving average (SMA) at $1,921. While the next higher 55-day simple moving average (SMA) and Monday’s high at $1,931 cap, downside pressure should be maintained.

Source: ProRealTime

Orange juice futures trade close to their all-time record highs

On Monday front month orange juice futures briefly made a new all-time record high before stalling. The August-to-September triple peaks from $332.67 to $332.84 per 15,000 Lbs. present formidable resistance as hurricane Idalia and the spread of an incurable disease pushed prices to these lofty heights. With overall orange juice production in the US hitting its lowest levels in the past century and as orange juice stockpiles shrink to a record low in top exporter Brazil, front month orange juice futures prices remain high.

Provided that the recent highs cap on a daily chart closing basis, a slip back towards the July-to-September uptrend line at $317.50 may occur. As long as the late August and early September lows at $309.28 to $305.95 underpin, the medium-term uptrend will remain intact. Only a rise and daily chart close above Monday’s high at $332.84 would push the $350 mark to the fore.

Source: ProRealTime

[MongiIG]

Brent crude oil trades near 10-month high, sugar near 12-year high while gold falls

Outlook on Brent crude oil, gold and sugar ahead of the ECB rate decision, US PPI and retail sales.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 14 September 2023 11:16

Brent crude oil remains close to ten-month high

The price of Brent crude oil remains close to Wednesday’s ten-month high at $92.45 on worries of further supply tightness. A rise above the July 2022 low at $92.43 and the $92.45 level would put the mid-September 2022 high at $95.19 on the map. Support below the three-week uptrend line at $91.66 is seen at the early September high at $90.98.

While Friday’s low at $89.09 underpins, further upside pressure remains in store. Further down potential support can be spotted between the 5 September and mid-August high at $87.92 to $87.83.

Source: ProRealTime

Gold price continues to slide

Gold’s slide from its $1,953 per troy ounce early September high remains on track to reach the July and 25 August lows at $1,904 to $1,903. If fallen through, the June trough at $1,893 may also be reached. Resistance remains to be seen along the 200-day simple moving average (SMA) at $1,922.

While the next higher 55-day simple moving average (SMA) and Monday’s high at $1,931 cap, downside pressure should retain the upper hand.

Source: ProRealTime

Sugar #11 consolidates below 12-year high

Front month sugar futures once more consolidate below Tuesday’s near 12-year high at 27.42 and may slip back towards their 26.81 April peak amid ongoing concerns about Indian sugar production. While the 7 September low at 26.16 underpins, another attempt at the upside may ensue.

A daily chart close above the 27.42 high could target the psychological 30.00 mark. Minor support below the 26.21 to 26.16 June peak and Thursday’s low sits at the late August 26.11 high. While the last significant reaction low – the late August trough at 25.30 - holds, the medium-term uptrend remains intact. A reaction low is made when the low of a daily candlestick is below that of the day preceding it and the day following it.

Source: ProRealTime

[MongiIG]

WTI and orange juice futures rally on tight supply while gold price also rises

Outlook on WTI, gold and orange juice futures ahead of plethora of central bank meetings this week.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 19 September 2023 10:39

WTI continues to rise on tight supply

WTI’s over 16% rally since August to a new ten-month high at $91.37 per barrel is showing no signs of slowing down. The next upside target zone is the $92.70 to $92.95 region, consisting of the October and November 2022 highs. Support comes in along the August-to-September uptrend line at $90.12, around the psychological $90 mark, and at the September, October and mid-November 2022 highs at $89.70 to $89.39.

Source: ProRealTime

Gold price rallies ahead of FOMC meeting

The gold price is on track for its fourth consecutive day of gains as the US dollar gives back some of its nine straight weeks of gains. The July-to-September downtrend line at $1,939 per troy ounce represents the next upside target.

There the advance may pause ahead of tomorrow’s Federal Reserve (Fed) meeting at which no rate hike is expected. A successful break of the downtrend line, meaning a daily chart close above it, could put the early September high back on the cards. Minor support is seen along the 200-day simple moving average (SMA) at $1,924.

Source: ProRealTime

Orange juice futures trade at new all-time record highs

On Monday front month orange juice futures made a new all-time record high at $335.61 per 15,000 Lbs., above the August-to-September triple peaks from $332.67 to $332.84, due to tight supply caused by hurricane Idalia and the spread of an incurable disease. This points to a technical breakout towards the $350 region.

With overall orange juice production in the US at its lowest levels in the past century and as orange juice stockpiles shrink to a record low in top exporter Brazil, front month orange juice futures prices are geared for higher prices. The immediately bullish technical view will remain valid as long as front month orange juice futures stay above last week’s low at $322.44 on a daily chart closing basis.

Source: ProRealTime

[MongiIG]

WTI rally is taking a breather, lumber slips to June low while sugar price nears 12-year high

Outlook on WTI, lumber and sugar ahead of FOMC meeting.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 20 September 2023 10:23

WTI rally is taking a breather ahead of FOMC

WTI’s over 16% rally since August to a new ten-month high at $92.38 per barrel ran out of steam slightly below the October and November 2022 highs at $92.70 to $92.95 ahead of today’s US Federal Open Market Committee (FOMC) meeting.

The fall through the August-to-September uptrend line at $90.92 put the mid-November 2022 high at $89.39 back on the map. Below it potential support can be spotted at the 5 September high at $87.60. Immediate resistance sits between Monday and Tuesday’s lows at $89.91 to $90.28.

Source: ProRealTime

Sugar #11 trades in new 12-year highs

Front month sugar futures continue their ascent and have reached a new near 12-year high at 27.85. If overcome, the 161.8% Fibonacci extension of the June-to-July advance, taken from the August low, at 28.85 would be in focus.

Minor support below the 12 September high at 27.42 is seen along the August-to-September uptrend line at 26.92 and also at the April peak at 26.81. Immediate upside pressure will be maintained while Monday’s low at 26.71 underpins.

Source: ProRealTime

Lumber nears June low

Front month lumber futures continue their descent towards their 49,170.40 June low, a fall through which would have the March trough at 49,144.70 in its sights. Minor resistance sits at the 49,659.50 August low with further resistance seen along the July-to-September downtrend line at 50,260.

While the last reaction high – a high on a daily candlestick chart which is higher than the one to its left and right – at Thursday’s 50,881.90 isn’t bettered, downside pressure should prevail.

Source: ProRealTime

[MongiIG]

Brent crude oil, gold and natural gas prices drop post hawkish Fed pause

Outlook on Brent crude oil, gold and natural following Fed’s hawkish pause.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 21 September 2023 11:27

Brent crude oil comes off its ten-month high

The price of Brent crude oil continues to come off Tuesday’s ten-month high at $94.97 while the US dollar once more appreciates, exerting a slight downward pressure on the oil price, and as the Fed delivered a hawkish pause. Support can be spotted around the $90.97 early September high ahead of the psychological $90.00 mark. Resistance lurks around Tuesday’s $93.32 low. Further up lies this week’s ten-month high at $94.97 and the mid-September 2022 high at $95.19.

Source: ProRealTime

Gold comes off yesterday’s $1,947 high

Gold rallied back towards its $1,953 per troy ounce early September high but only managed to reach $1,947 before it came off again as the greenback continued to appreciate following hawkish comments at the Federal Open Market Committee (FOMC). The 200-day simple moving average (SMA) at $1,925 is currently being probed as support, below which the 6 September low at $1,915 may also act as minor support. Minor resistance above the 55-day simple moving average (SMA) at $1,932 sits at Tuesday’s $1,937 high.

Source: ProRealTime

Natural gas comes off this week’s six-week high

Natural gas prices recently shot back up to the $3.000 mark on weather and production concerns but are currently slipping back from this week’s high at $3.021. A slip through Wednesday’s $2.857 low would put Monday’s low and the 200-day simple moving average (SMA) at $2.800 to $2.791 on the map. Immediate resistance is seen at the early September high at $2.904 ahead of last and this week’s highs at $2.973 to $3.021. Slightly further up sits the August peak at $3.050.

Source: ProRealTime

[MongiIG]

Brent crude oil, natural gas prices rise while gold drops to one-month low

Outlook on Brent crude oil, gold and natural gas as the US dollar continues to appreciate.

Source: Bloomberg

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 27 September 2023 11:27

Brent crude oil climbs on supply tightness

The price of Brent crude oil resumed its ascent as concerns about supply tightness heading into the winter gripped markets with last week’s ten-month high at $94.97 being back in sight. Immediate resistance lurks around last Tuesday’s $93.32 low. Support below Wednesday’s intraday low at $92.60 can be found around last Thursday’s $91.37 trough. Further down sits more important support between the $90.97 early September high and Tuesday’s $90.49 low.

Source: ProRealTime

Gold drops to one-month low

Gold’s descent from last week’s $1,947 per troy ounce high accompanied by a rising US dollar has taken it to a one-month low towards the $1,893 June low. Further down sits the August low at $1,885 which may also be reached over the coming days. Minor resistance above the mid-September low at $1,901 can be found around the 6 September low at $1,916.

Source: ProRealTime

Natural gas prices stabilize above support

On Tuesday US natural gas futures revisited their recent low at $2.791 but managed to bounce off it with this week’s high at $2.924 being in focus as supply tightness pushes price up. A rise above $2.924 would engage the psychological $3.000 region and last week’s high at $3.021. Further up sits the August peak at $3.050. A currently unexpected slip through last week’s low at $2.791 could lead to the 200-day simple moving average (SMA) at $2.727 being reached.

Source: ProRealTime

[MongiIG]

WTI rallies to one-year high, gold drops to six-month low and Arabica coffee slips to support

 

Source: Bloomberg

 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 28 September 2023 11:28

WTI rallies to 13-month high

WTI’s rally to an over one-year high on the back of a sharp decline in US crude stockpiles exacerbated concerns about tight global supplies is showing no signs of slowing down. The August 2022 peak at $97.34 per barrel represents the next upside target. Potential slips should find support around the mid-September high at $92.38.

Source: ProRealTime

Gold drops to six-month low

Gold’s descent from last week’s $1,947 per troy ounce peak accelerated to the downside and after three consecutive days of lower prices has taken it to a six-month low at $1,873 per troy ounce. Below this level lies the early March high at $1,858 ahead of the late February high at $1,847. Resistance can now be encountered between the August low at $1,885 and the June and mid-September lows at $1,893 to $1,901.

Source: ProRealTime

Arabica Coffee find interim support

Front month Arabica Coffee futures have slid to their 2023 uptrend line which has once again offered support as draught fears dissipate. Wednesday’s low at 14,803, right on the January-to-September uptrend line, was made marginally above the August and current September lows at 14,761 to 14,711. If fallen through, the January low at 14,288 would be in sight. Minor resistance above Tuesday’s 15,247 high can be seen between the 55-day simple moving average (SMA) and the mid-July low at 15,509 to 15,613.

Source: ProRealTime