Gold price moves higher but WTI crude price suffers sharp reversal, while copper price consolidates
While gold is back at recent highs, oil is under pressure once more. Copper is falling in early trading, though its breakout is intact.
Gold back to recent highs
The spot gold price is back at the highs seen a week ago, and looks set for further upside, pushing to new record highs.
A period of short-term weakness could ensue if we see a drop back below the early July highs at $2483.00. This might then open the way to a test of the rising 50-day simple moving average (SMA), currently $2414.00.
WTI reverses course
WTI crude oil's choppy period continues, as the price slumped on Tuesday, giving back some of its recent gains.
The sellers have reasserted control for the time being it appears, and this puts a move back to the $72.00 low back into the spotlight. A close below this level would mark a longer-term bearish development.
Buyers will want to see a move back above $77.00 and then a close above the 200-day SMA, though even this might not be sufficient for a bigger move higher in the longer-term. The early August bounce ran out of steam around $78.75, so a close above this is needed to indicate that a break higher could be in play.
High-grade copper continues breakout
After breaking higher last week, the high-grade copper price has continued to make gains.
Trendline resistance was broken a week ago, and the late June low at 43,260 now comes into view. In the longer-term, the price will move on to challenge the July highs at 46,700.
A reversal and close back below the 200-day SMA would put the sellers in charge once more.
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