Gold price at highs, while WTI crude price rebounds but NY Cocoa price falls back
Gold prices are back at their highs, while oil is rebounding from md-week weakness. NY Cocoa has fallen back from its highs of the week.
![Gold](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/Adobe_gold_commodity_07-30-2024.jpeg/jcr:content/renditions/original-size.webp)
Gold close to record high
Spot gold sits near its record high, having enjoyed a solid month. It has gained around 7% from its August low, and looks poised for a new push to record highs.
Yesterday saw the price stabilise after dropping back on Wednesday, and for the moment there are few signs that a major pullback is on the cards. Even if one were to arrive, the uptrend of the past ten months is still looking strong.
![Spot gold chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/Gold300824.png/jcr:content/renditions/original-size.webp)
WTI rallies again
WTI crude oil prices halted the declines of Tuesday and Wednesday, and averted a renewed bearish case with a solid rebound on Thursday.
The buyers have reasserted control, and we could see a fresh test of this week’s highs at $77.00, while beyond this lies the 200-day simple moving average (SMA), currently $77.62, and then to the $78.70 highs from early August.
![WTI crude oil chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/WTI300824.png/jcr:content/renditions/original-size.webp)
NY Cocoa eases off 1-week highs
The August New York Cocoa rally has come under some pressure this week, as the price drops back below the 50-day SMA and gives up the highs of Tuesday’s session.
Another test of the 200-day SMA may occur, while the support zone around 6750 remains in place for the time being. A close above the July highs of 8150 would open the way to a test of trendline resistance from the April highs.
![NY Cocoa chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/Cocoa300824.png/jcr:content/renditions/original-size.webp)
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/ContentImage/Commodities global component NA banner.jpg/jcr:content/renditions/original-size.webp)
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.