Gold and oil head down while corn prices stabilise
Gold and oil prices are down despite the gains towards the end of last week, while corn has held its ground.
Gold weakens in early trading
Gold saw its gains from last week ebb away on Friday, as the dollar strengthened following the solid non-farm payrolls (NFP) report.
The commodity had made headway over the week, rallying back above the 200-day simple moving average (SMA), but gains have stalled below $1870.
Above $1875 the price would head towards the 50-day SMA (currently $1890), and then on towards $1907.
A broader move to the downside requires the price to drop back below $1830, which would then bring the May low at $1787 into view.
WTI boosted by Saudi price increase
Oil prices continue their steady climb, pushed along by the sharp rise in prices by Saudi Arabia.
As yet there appears to be no sustained decline in demand expectations, and with lockdowns in China being eased we can expect a recovery in economic activity there.
The price now targets the March high at $126.74, having cleared the high from the second half of March at $114.83. Rising trendline support from the May low at $98.45 provides a firm bullish outlook. It would require a move back below $110 to suggest that a fresh move to the downside is underway.
Corn prices stabilise
Prices for this commodity have retreated since the April high, but expectations of further tight supply have seen support begin to emerge just above the $7.00 level.
A rebound from current levels, bolstered by fears about reduced levels of exports from Russia and Ukraine, would target trendline resistance from the late April high. From here $7.77 and $8.17 come into view.
A deeper retracement below $7.03 would potentially signal a reversal towards the 200-day SMA at $6.39.
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