Gold price, WTI crude price and copper price make small gains
NEW YORK (August 16) Commodity prices recovered yesterday and are looking to push higher into the final session of the week.
Gold looks to push higher
The spot gold price faltered on Tuesday and Wednesday but stabilised yesterday and is attempting to recover for another push towards new record highs.
While Thursday saw the price create a lower low below Wednesday’s, it has avoided further declines overnight, so any push lower to test the 50-day simple moving average (SMA) will need a close back below $2430.00.
WTI aims for renewed gains
WTI saw its losses stabilise yesterday after two days of losses and has opened higher today.
A close back above $77.75 will be needed to put the price above the 200-day SMA, and then bulls will be looking for a push back to $79.00 and the highs of the week. A close above this opens the way to more upside.
Sellers will want to see more losses today that result in a test of $76.00 in order to clear the path to more downside in the direction of the August low.
High Grade Copper edges higher
The high grade copper price rebounded yesterday, continuing its recovery from the August low.
However, it is now testing resistance around 41,711. A close above this would open the way to the highs of late July around 42,300. Beyond this lies trendline resistance from the May highs.
A reversal back below 40,500 might signal that a new test of recent lows at 39,505 was possible.
IG.com
