WTI slip while gold, Arabica coffee rise on weak US dollar ahead of FOMC minutes
WTI slips through accelerated uptrend line
The swift descent in front month WTI futures from Friday’s 78.87 high on demand concerns has taken it through its 200-day simple moving average (SMA) and accelerated uptrend line at 77.57 towards last week’s 75.57 low. Were it to give way, a more significant tumble back towards the lower end of the commodity’s November-to-February sideways trading range between $70 and $68 may be back in sight. Resistance above 77.57 comes in at last week’s highs at 78.49 to 78.59, a rise above which would likely engage the 78.87 January peak.
Gold price on track for sixth straight day of gains
Spot gold’s rise from its mid-February $1,985 per troy ounce low amid a falling US dollar ahead of this evening’s FOMC meeting has reached the 55-day simple moving average (SMA) at $2,032 which short-term caps. A rise above it and the mid-February $2,033 high would put the December-to-February downtrend line at $2,052 on the map. Slips are expected to find support between the $2,010 and $2,015 late January and early February lows.
Arabica coffee bounces off uptrend line
Front month Arabica coffee futures topped out at their 194.06 to 194.32 late January and early February highs and slipped to last week’s 182.39 low which was exactly where the October-to-February uptrend line came in and acted as support for the next few days. Tuesday’s foray to 190.11 could be followed by an advance towards the December-to-February downtrend line at 193.30, provided that last week’s low at 182.39 underpins. Failure there would put the 174.03 mid-January low back in play.
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