WTI and orange juice futures rally on tight supply while gold price also rises
Outlook on WTI, gold and orange juice futures ahead of plethora of central bank meetings this week.
WTI continues to rise on tight supply
WTI’s over 16% rally since August to a new ten-month high at $91.37 per barrel is showing no signs of slowing down. The next upside target zone is the $92.70 to $92.95 region, consisting of the October and November 2022 highs. Support comes in along the August-to-September uptrend line at $90.12, around the psychological $90 mark, and at the September, October and mid-November 2022 highs at $89.70 to $89.39.
Gold price rallies ahead of FOMC meeting
The gold price is on track for its fourth consecutive day of gains as the US dollar gives back some of its nine straight weeks of gains. The July-to-September downtrend line at $1,939 per troy ounce represents the next upside target.
There the advance may pause ahead of tomorrow’s Federal Reserve (Fed) meeting at which no rate hike is expected. A successful break of the downtrend line, meaning a daily chart close above it, could put the early September high back on the cards. Minor support is seen along the 200-day simple moving average (SMA) at $1,924.
Orange juice futures trade at new all-time record highs
On Monday front month orange juice futures made a new all-time record high at $335.61 per 15,000 Lbs., above the August-to-September triple peaks from $332.67 to $332.84, due to tight supply caused by hurricane Idalia and the spread of an incurable disease. This points to a technical breakout towards the $350 region.
With overall orange juice production in the US at its lowest levels in the past century and as orange juice stockpiles shrink to a record low in top exporter Brazil, front month orange juice futures prices are geared for higher prices. The immediately bullish technical view will remain valid as long as front month orange juice futures stay above last week’s low at $322.44 on a daily chart closing basis.
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