Gold hits new record high as WTI, US wheat price stabilise
Gold hits new record high amid possible central bank buying as WTI, US wheat price stabilise ahead of US EIA crude oil inventories data release.
Gold price hits new record high
The spot gold price continues to trade in record highs and has so far reached $2,758.00 per troy ounce on its way to the $2,800.00 mark and eventually the psychological $3,000.00 mark. Above it the 261.8% Fibonacci extension of the September 2022 low to the May 2023 advance, projected higher from the October 2023 low, can be seen at $3,005.71.
These upside targets will remain in play as long as the $2,605.00 early October low underpins.
Minor support above $2,605.00 can be seen at last week’s $2,709.00 low ahead of its previous September all-time high at $2,685.00 and also along the August-to-October uptrend line at $2,665.00.
Crude oil price stabilises ahead of EIA inventories
The recent sharp drop in the WTI front month futures crude oil price has been followed by a stabilisation phase above Tuesday’s 66.62 low ahead of US EIA crude oil inventories at 2.30pm.
Below this week’s low lies the early October low at 66.22 but together with the 64.81 September low may offer support in the days to come, if revisited at all.
Minor resistance can now be spotted at the 18 October low at 68.22 as well as at the Friday-to-Monday price gap between 68.79 and 69.93.
US wheat price test resistance
Having come off their near four month high at 626 in early October, US wheat futures prices have so far slid to 573, within a clearly defined downtrend channel, before bouncing back to the 200-day simple moving average (SMA) at 589 and the downtrend channel resistance line at 591 which may short-term cap.
If not, and if a rise above last week’s high at 598 were to be seen, the 600 region could be back in the pipeline.
Failure at 573 would probably engage the 19 September low at 569.
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