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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

​​​WTI, copper and gold rise on weaker US dollar

​​Outlook on light crude oil, gold and copper ahead of Thursday’s US inflation data.

Source: Bloomberg

​​​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.

Source: ProRealTime

​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.

Source: ProRealTime

​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.

Source: ProRealTime

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