WTI rallies to one-year high, gold drops to six-month low and Arabica coffee slips to support
WTI rallies to 13-month high
WTI’s rally to an over one-year high on the back of a sharp decline in US crude stockpiles exacerbated concerns about tight global supplies is showing no signs of slowing down. The August 2022 peak at $97.34 per barrel represents the next upside target. Potential slips should find support around the mid-September high at $92.38.
Gold drops to six-month low
Gold’s descent from last week’s $1,947 per troy ounce peak accelerated to the downside and after three consecutive days of lower prices has taken it to a six-month low at $1,873 per troy ounce. Below this level lies the early March high at $1,858 ahead of the late February high at $1,847. Resistance can now be encountered between the August low at $1,885 and the June and mid-September lows at $1,893 to $1,901.
Arabica Coffee find interim support
Front month Arabica Coffee futures have slid to their 2023 uptrend line which has once again offered support as draught fears dissipate. Wednesday’s low at 14,803, right on the January-to-September uptrend line, was made marginally above the August and current September lows at 14,761 to 14,711. If fallen through, the January low at 14,288 would be in sight. Minor resistance above Tuesday’s 15,247 high can be seen between the 55-day simple moving average (SMA) and the mid-July low at 15,509 to 15,613.
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