Gold, oil and cotton prices come under selling pressure again
A renewed outbreak of risk aversion has hit commodities, driving gold and cotton lower and causing oil to reverse course again.
Gold sits a new two-year low
Gold prices hit a fresh low yesterday, taking them to their lowest level since April 2021.
Yesterday marked a break below key support around $1685, that had held since June 2021, and the new lower low denotes a fresh strengthening of the downtrend that has now been in place since March.
Further declines now head towards $1644, and from there down to $1612.
WTI on the back foot again
Oil prices also fell yesterday, reversing the tentative gains of earlier in the week.
The $83.80 support level now comes into view, and then below this the price will head towards last week’s lows at $81.10. Below this the next major support level could well be found at $76.50.
If the price can find a short-term low, it may be able to move back towards the $89.20 area that marked the highs for September so far.
Cotton heads back to 50-day moving average
Prices here have resumed their downward move, and are testing the 50-day simple moving average (SMA) once more.
The price dropped sharply from the beginning of September, and a brief bounce mid-month failed to provide much bullish impetus.
A close below the 50-day SMA is a bearish development, and opens the way for a continued reversal towards the July lows.
A more bullish view requires a move back above 10,500, where gains stalled mid-month.
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