WTI stalls, gold and Arabica coffee prices drop as the US dollar stabilizes
Oil, gold and Arabica coffee prices fall ahead of the weekend as the greenback makes back lost ground.
WTI stalls below this week’s high
Front month WTI futures briefly made a three-week high at 78.84 before slipping back towards Wednesday’s 76.31 low as traders mull over geopolitical tensions and the demand outlook. Minor resistance is seen along the 200-day simple moving average (SMA) and accelerated uptrend line at 77.64. Were Wednesday’s low at 76.31 to give way, a more significant decline towards the lower end of the commodity’s November-to-February sideways trading range between $70 and $68 could be back in sight. Resistance above 78.84 sits at the 78.87 January peak.
Gold price rally runs out of steam
Spot gold’s rise from its mid-February $1,985 per troy ounce low amid a falling US dollar has encountered resistance at $2,035 on Thursday before heading back down again as the greenback is regaining lost ground. Slips are expected to find support between the $2,015 and $2,002 January to early February lows. A rise above $2,035 would put the December-to-February downtrend line at $2,045 on the cards.
Arabica coffee futures prices slip through uptrend line
Front month Arabica coffee futures topped out at their 194.06 to 194.32 late January and early February highs and are now trading at one-month lows, having slipped through their October-to-February uptrend line. The 8 January low at 178.56 is now in sight, a fall trough which would engage the 174.03 January trough. Resistance above the breached uptrend line at 185.10 can be seen along the 55-day simple moving average (SMA) at 186.73. While the last reaction high seen this week at 190.11 isn’t bettered, the medium-term downtrend will stay intact.
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