Gold price at highs, while WTI crude price rebounds but NY Cocoa price falls back
Gold close to record high
Spot gold sits near its record high, having enjoyed a solid month. It has gained around 7% from its August low, and looks poised for a new push to record highs.
Yesterday saw the price stabilise after dropping back on Wednesday, and for the moment there are few signs that a major pullback is on the cards. Even if one were to arrive, the uptrend of the past ten months is still looking strong.
WTI rallies again
WTI crude oil prices halted the declines of Tuesday and Wednesday, and averted a renewed bearish case with a solid rebound on Thursday.
The buyers have reasserted control, and we could see a fresh test of this week’s highs at $77.00, while beyond this lies the 200-day simple moving average (SMA), currently $77.62, and then to the $78.70 highs from early August.
NY Cocoa eases off 1-week highs
The August New York Cocoa rally has come under some pressure this week, as the price drops back below the 50-day SMA and gives up the highs of Tuesday’s session.
Another test of the 200-day SMA may occur, while the support zone around 6750 remains in place for the time being. A close above the July highs of 8150 would open the way to a test of trendline resistance from the April highs.