​Gold range trades below record high as crude oil price recovers, Arabica coffee drops​​

​​​Crude oil price on track for positive week

​The WTI crude oil front month futures crude oil price is on track for a weekly gain following last week’s sharp sell-off, despite over the last three days having been rejected by the 71.28-to-72.46 resistance area. It consists of the June and early August lows and the late September high and needs to be exceeded on a daily chart closing basis for further upside towards the 78.02 October peak to become possible.

​Potential slips below Thursday’s 69.74 low can be spotted at last week’s low at 68.22.

​While the June low at 72.46 caps, downside pressure should be maintained.

​Gold price consolidates below record high

​The spot gold price remains within its long-term uptrend and is consolidating below this week’s $2,758.00 per troy ounce new record high. Above it beckons the 261.8% Fibonacci extension of the September 2022 low to the May 2023 advance, projected higher from the October 2023 low, at $3,005.71. The psychological $3,000.00 mark and this technical level represent the next long-term upside target for the gold price as long as the $2,605.00 early October low underpins.

​Support above $2,605.00 can be found around the previous September all-time high at $2,685.00 and along the August-to-October uptrend line at $2,650.00.

​Arabica coffee price drops to early October low

Arabica coffee front month futures prices continue to slide towards their early October low at 242.78, a fall through which would confirm a top formation and put the October 2023-to-October 2024 uptrend line at 227.40 on the cards.

​Immediate downside pressure should be maintained while no rise above Thursday’s high at 254.99 and the September-to-October tentative downtrend line at 256.60 ensues.