Gold edges higher while WTI tries to recover, while coffee prices hold near highs
Gold is aiming to build on Friday’s gains, and coffee prices are holding near highs, while oil prices have tried to recover from early losses.
Gold aims to build on Friday gains
The price recovered on Friday, after the run of losses seen in most of May, but more upside will be needed to suggest a higher low is in place. A further recovery above the 50-day SMA and holding above $1950 would be the first indications that a more bullish mood prevails. This might then put the price on course to move back towards $2050 and higher. A drop back below $1950 negates this view and raises the prospect of a deeper retracement towards, or even below, the 100-day SMA.
WTI mixed in early trading
After an attempt at a recovery on Friday failed, the price is under pressure once again. A continued failure to move above the highs from earlier in May around $73.80 signals that the sellers remain in charge, and that a move back towards $65 may develop over time. It would need a move back above the 50-day SMA and then the 100-day SMA to reverse the view and suggest that another push towards the 200-day SMA could develop.
Coffee Robusta holds around highs
The commodity enjoyed another strong week last week, moving to a new record high. Having recorded five months of gains, the bulls remain firmly in control, and for the time being there is little sign of a pullback developing. An initial period of weakness may head towards 2380, the high from December 2021 and support from the beginning of the month. Below this, the 50-day SMA and then trendline support from January come into play.
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