Oil price rises on large US inventories draw while gold slips and wheat price rises
Outlook on Brent crude oil, gold and wheat ahead of US Q4 GDP data.
Brent crude oil prices rise as US crude stocks decline
A large draw in US crude oil inventories led to a rise in the Brent crude oil price with the 80.53 mid-January high being in focus on the front month futures contract. Further up the late December peak and 200-day simple moving average (SMA) at 81.44 to 81.47 represent another target zone. Immediate upside pressure should be maintained while the 55-day simple moving average (SMA) at 78.74 and Wednesday’s low at 78.69 hold. If this were unexpectedly not to be the case, Monday’s low at 77.54 would probably be back in sight.
Gold price remains under pressure
Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has led to the precious metal price oscillating around the 55-day simple moving average (SMA) at $2,024 for the past week. Gold currently slips towards the November-to-January uptrend line at $2,011 which, together with the October and late November highs at $2,009 to $2,007, is likely to offer at least interim support. A fall through the next lower $2,002 low seen last week could push the December trough at $1,974 back to the front, though. Immediate downside pressure should be maintained while the gold price stays below Friday’s high at $2,039.
Chicago Wheat prices resume their ascent
Chicago wheat front month futures are on track for their sixth straight day of gains from their 581 low made last week with the 200-day simple moving average (SMA) at 628.50 being eyed. If overcome, the early and late-December highs at 642 to 650 should be next in line but may again cap. Potential slips may find support around Tuesday’s 612 high and then along the 55-day SMA at 607.
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