Brent crude oil price rally cools down, while gold price drops and orange juice price stalls below record high
The recent Brent crude oil price rally has given way to short-term selling pressure amid demand concerns while the gold price also remains under pressure and orange juice prices stall below their record high.
Brent crude oil price rejected by resistance
Brent crude oil front month futures prices are seen coming off this week’s 80.47 one-month high as expectations for higher borrowing costs for longer weigh on the demand outlook.
The 200-day simple moving average (SMA) at 79.62 should act as resistance ahead of the 80.11 to 80.48 resistance zone which goes back to the early March high.
Slips may take the Brent crude oil price back down towards the $78.00 mark.
While recent lows at 76.75 to 76.11 hold, further sideways trading will remain in play.
Gold price slips to three-week low
The spot gold price puts pressure on last week’s low at $2,326 per troy ounce below which meanders the 55-day simple moving average (SMA) at $2,311. If also fallen through, the early May trough at $2,278 will be back on the cards.
Short-term downside pressure should retain the upper hand while this week’s high at $2,364 isn’t overcome.
Orange juice futures consolidate below record high
Front month orange juice futures’ fifteen straight day rally to 482.54 as crop disease and hurricanes hit supply is taking a breather below its record high. Were it to be exceeded, the 500.00 mark would be back in the picture.
Potential slips may find support around the 22 May 462.18 high.
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