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Gold holds on to gains, while oil prices fall back and cotton fights to hold trendline support


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While gold is still holding on to the gains made in the past two weeks, oil prices have dropped back and cotton prices are sitting on trendline support.

original-size.webpSource: Bloomberg
 
 

 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 25 October 2023 12:38

Gold still holding up well

A dip on Tuesday was met by buying pressure, avoiding any bigger drop for now, but bullish momentum seems to have firmly slowed. Nonetheless, a short-term consolidation/pullback requires a move below $1950, which might then open the way to the 200-day SMA. A daily close above $1984 is needed to revive bullish momentum.

Gold_251023.pngSource: ProRealTime

WTI resumes its fall

Oil’s steep losses continue, and Tuesday saw the price slump below the 50-day SMA once again. Short-term trendline support from the October low remains in place for now, which might yet see the price stage a bigger recovery, targeting $90. A close below $82.80 would break trendline support and potentially open the way to 6 October low at $81 and then the 100-day SMA.

WTI_251023.pngSource: ProRealTime

Cotton fights to hold trendline support

The price fell back on Tuesday after rebounding from the 200-day SMA on Monday. However, trendline resistance from the October highs continues to hold back progress. A close above 8500 would be needed to revive the bullish view. This might then see the price head back over time to the 8900 level. Sellers will need a close below 8340 to suggest that trendline support has been broken.

Cotton_251023.pngSource: ProRealTime
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