WTI resumes its descent while gold and copper prices rise
Outlook on WTI, gold and copper amid China demand concerns and ahead of the Jackson Hole symposium.
WTI resumes its descent
WTI’s attempt of a rally fizzled out at Monday’s $81.73 per barrel high as traders continue to assess various demand and supply factors ahead of the Federal Reserve’s (Fed) annual economic symposium at Jackson Hole which begins on Thursday. The June-to-August support line is now being tested, a fall through which and the early August and last week’s lows at $78.65 to $78.54 would have medium-term bearish implications. In this scenario the 200-day simple moving average (SMA) at $76.05 would feature in investors minds again.
The minor psychological $80.00 mark offers immediate resistance ahead of Monday’s high at $81.73. While it caps, short-term downside pressure in the oil price is likely to prevail.
Gold price tries to stabilize
The one-month decline in the price of gold to this week’s $1,885 per troy ounce low has given way to a minor recovery rally towards the 200-day simple moving average (SMA) at $1,909.
While the precious metal price remains below it, overall downside pressure should retain the upper hand. Minor support lies at the $1,893 late June low and at this week’s $1,885 trough. Currently unexpected failure at $1,885 would engage the mid-March price gap between $1,872 to $1,870.
Copper recovery from support is ongoing
The copper price, which has been in a downward trajectory since its $8,859 per ton early August high on China growth concerns, found support marginally above its $8,142 late June low at last week’s $8,149 low.
A bounce towards the 55-day simple moving average (SMA) at $8,438 is now underway with the 200-day SMA at $8,587 representing another possible upside target. Minor support can be found between the July and 8 August lows at $8,277 to $8,236 and more significant support at $8,149 to $8,142. Only a fall through the $8,142 late June low would push the May trough at $7,867 to the fore.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
