Gold range trades below record high as crude oil price recovers, Arabica coffee drops
Gold range trades below record high as crude oil price recovers amid buying pressure ahead of weekend while Arabica coffee price 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.
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
