Gold price at highs, while WTI crude price rebounds but NY Cocoa price falls back
Gold prices are back at their highs, while oil is rebounding from md-week weakness. NY Cocoa has fallen back from its highs of the week.
![Gold](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/Adobe_gold_commodity_07-30-2024.jpeg/jcr:content/renditions/original-size.webp)
Gold close to record high
Spot gold sits near its record high, having enjoyed a solid month. It has gained around 7% from its August low, and looks poised for a new push to record highs.
Yesterday saw the price stabilise after dropping back on Wednesday, and for the moment there are few signs that a major pullback is on the cards. Even if one were to arrive, the uptrend of the past ten months is still looking strong.
![Spot gold chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/Gold300824.png/jcr:content/renditions/original-size.webp)
WTI rallies again
WTI crude oil prices halted the declines of Tuesday and Wednesday, and averted a renewed bearish case with a solid rebound on Thursday.
The buyers have reasserted control, and we could see a fresh test of this week’s highs at $77.00, while beyond this lies the 200-day simple moving average (SMA), currently $77.62, and then to the $78.70 highs from early August.
![WTI crude oil chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/WTI300824.png/jcr:content/renditions/original-size.webp)
NY Cocoa eases off 1-week highs
The August New York Cocoa rally has come under some pressure this week, as the price drops back below the 50-day SMA and gives up the highs of Tuesday’s session.
Another test of the 200-day SMA may occur, while the support zone around 6750 remains in place for the time being. A close above the July highs of 8150 would open the way to a test of trendline resistance from the April highs.
![NY Cocoa chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/Cocoa300824.png/jcr:content/renditions/original-size.webp)
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