WTI, copper and gold rise on weaker US dollar
Outlook on light crude oil, gold and copper ahead of Thursday’s US inflation data.
WTI rises ahead of OPEC+ meeting
WTI regained recently lost ground amid the postponement of this weekend’s OPEC+ meeting to this Thursday as Saudi Arabia is pushing for more output cuts to stabilize the oil price but Nigeria and Angola being of a different opinion. A storm in the Black Sea which disrupted oil exports from Kazakhstan and Russia led to higher oil prices on supply concerns. The 200-day simple moving average (SMA) at $77.93 per barrel remains a possible upside target, together with the 20 November high at $78.45. Support can be seen along the breached October-to-November downtrend line, now a support line, at $75.46. Further support sits at Monday’s $74.16 low.
Gold price approaches its 2020 to 2023 highs
Gold’s advance from its $1,932 per troy ounce low as the US dollar continues to depreciate amid lower US Treasury yields is approaching its August 2020, March 2022 and May 2023 peaks at $2,070 to $2,082 which are expected to act as resistance, at least for a few days. Good support can now be seen between the October and last week’s highs at $2,009 to $2,007.
Copper trades in 2 ½ month highs
The copper price briefly traded in 2 ½ month highs early on Wednesday morning when it touched $8,498 before slipping back to its 200-day simple moving average (SMA) at $8,451. While last Wednesday and Tuesday’s lows at $8,346 to $8,328 underpin, immediate upside pressure should continue. Above Wednesday’s intraday high at $8,498 sits the mid-September high at $8,507, a rise above which would target the $8,599 September peak.
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