Gold and Brent crude prices turn lower as orange juice turns upwards once again

​

Gold struggles to rise up through key $1677 resistance level

Gold's attempt at regaining lost ground yesterday appears to be falling somewhat flat, with price struggling to break through the key $1677 resistance level. The level represents the previous lows respected over the course of 2021 and 2022 until recently.

With price having rallied back up into the descending trendline, there is a good chance we see another leg lower for this market. However, traders should keep a close eye out for this recent consolidation just below resistance, with a rise through $1677 providing a signal of impending short-term upside.

To the downside, a break back below the $1661 level would bring about a fresh sell signal, with gold then able to build on the bearish trend that has been playing out over the course of the year thus far.

Brent crude continues to roll over after OPEC lift

Brent crude has been on the back foot over the course of this week, with price reversing lower in the wake of an upside pop last week.

That rally came after OPEC decided to reduce output by two million barrels per day, driving upside as the supply-demand dynamic shifts. Nonetheless, with the recessionary clouds continuing to build, we are seeing crude head lower once again.

A rise up through the wider swing-high of $103.45 would bring about a greater confidence that we will see prices reach uncomfortably lofty levels once again. Until then, the declines we are seeing look likely to bring further downside.

The decline out of overbought territory on the stochastic provides us with a secondary bearish signal that similarly points towards potential downside here.

Orange juice heads into 5-year high after Hurricane Ian

Orange juice prices have been pushing higher once again this week, with price starting to turn up towards levels not seen since the end of 2016.

Recent weather conditions in Florida have been tough, with an already small crop exacerbated by Hurricane Ian which is expected to further damage the supply of orange juice.

The chart highlights an ongoing uptrend which has dominated over the course of the year, with a break back below the $163.45 level required to bring about a more bearish outlook.

Until then, there is a good chance we see price push upwards from here to build on the ongoing uptrend.