Gold price targets record high as WTI and copper seek stability
Gold price aims for record high while WTI and copper prices stabilise despite US dollar appreciation.
WTI crude oil price tries to stabilise
The WTI crude oil price's descent has been stemmed by Monday's bounce off its $73.70 per barrel intraday low, with the 200-day simple moving average (SMA) at $74.67 being revisited. The next resistance area is at the 8 January high of $75.24, with another level at the 10 October high of $76.21.
Key support below Monday's intraday low of $73.70 is found between the June and August 2024 lows and the late September, late October to December highs, ranging from $72.84 - $71.47.
WTI crude oil daily chart
Gold price on track for record high
The spot gold price continues its ascent towards its October record high of $2790 per troy ounce. A rise above this level would put the $3000 mark within reach.
Good support lies between the January uptrend line at $2729 and the November to December highs, which range from $2726 to $2721.
Spot gold daily chart
Copper price nears support level
The copper price recently faced rejection at the $4.26 - $4.33 resistance zone. This zone includes the early December peak, as well as lows from 23 September, mid-October, and 23 October, along with the mid-December high. This rejection has led to a drop to Thursday's low at $4.24, which may soon be revisited.
Potential support below this level is found along the 55-day SMA at $4.20 and at the late December high of $4.15.
Resistance above the 200-day SMA at $4.28 is at the $4.33 December peak and also at last week's high of $4.39.
Copper daily chart
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