Brent crude oil trades near 10-month high, sugar near 12-year high while gold falls

Outlook on Brent crude oil, gold and sugar ahead of the ECB rate decision, US PPI and retail sales.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-09-14T10:16:36+0100

Brent crude oil remains close to ten-month high

The price of Brent crude oil remains close to Wednesday’s ten-month high at $92.45 on worries of further supply tightness. A rise above the July 2022 low at $92.43 and the $92.45 level would put the mid-September 2022 high at $95.19 on the map. Support below the three-week uptrend line at $91.66 is seen at the early September high at $90.98.

While Friday’s low at $89.09 underpins, further upside pressure remains in store. Further down potential support can be spotted between the 5 September and mid-August high at $87.92 to $87.83.

Source: ProRealTime

Gold price continues to slide

Gold’s slide from its $1,953 per troy ounce early September high remains on track to reach the July and 25 August lows at $1,904 to $1,903. If fallen through, the June trough at $1,893 may also be reached. Resistance remains to be seen along the 200-day simple moving average (SMA) at $1,922.

While the next higher 55-day simple moving average (SMA) and Monday’s high at $1,931 cap, downside pressure should retain the upper hand.

Source: ProRealTime

Sugar #11 consolidates below 12-year high

Front month sugar futures once more consolidate below Tuesday’s near 12-year high at 27.42 and may slip back towards their 26.81 April peak amid ongoing concerns about Indian sugar production. While the 7 September low at 26.16 underpins, another attempt at the upside may ensue.

A daily chart close above the 27.42 high could target the psychological 30.00 mark. Minor support below the 26.21 to 26.16 June peak and Thursday’s low sits at the late August 26.11 high. While the last significant reaction low – the late August trough at 25.30 - holds, the medium-term uptrend remains intact. A reaction low is made when the low of a daily candlestick is below that of the day preceding it and the day following it.

Source: ProRealTime

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Brent crude oil trades near 10-month high, sugar near 12-year high while gold falls

Brent crude oil remains close to ten-month high

Gold price continues to slide

Sugar #11 consolidates below 12-year high