Gold price aims for record high while WTI and copper prices stabilise
Gold price aims for record high while WTI and copper prices stabilise despite US dollar appreciation.
WTI crude oil price tries to stabilise
The WTI crude oil price's descent has been stemmed by Monday's bounce off its $73.70 per barrel intraday low with the 200-day simple moving average (SMA) at $74.67 being revisited. the next resistance area sits at the 8 January high at $75.24 and another one at the 10 October high at $76.21.
Key support below Monday's intraday low at $73.70 can be seen between the June and August 2024 lows and the late September, late October-to-December highs at $72.84-to-$71.47.
Gold price on track for record high
The spot gold price continues its ascent towards its October $2,790.00 per troy ounce record high, a rise above which would put the $3,000.00 mark on the cards.
Good support sits between the January uptrend line at $2,729.00 and the November-to-December highs at $2,726.00-to-$2,721.00.
Copper price nears support level
The copper price’s rejection by the $4.26-to-$4.33 resistance zone, made up of the early December peak, 23 September, mid-October and 23 October lows as well as the mid-December high, has so far led to a fall to Thursday's low at $4.24. This level may soon be revisited.
Potential support below this level can be seen along the 55-day SMA at $4.20 and at the late December high at $4.15.
Resistance above the 200-day SMA at $4.28 sits at the $4.33 December peak and also at last week's high at $4.39.
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