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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Gold, oil and cotton prices come under selling pressure again

A renewed outbreak of risk aversion has hit commodities, driving gold and cotton lower and causing oil to reverse course again.

​​Gold sits a new two-year low

Gold prices hit a fresh low yesterday, taking them to their lowest level since April 2021.

Yesterday marked a break below key support around $1685, that had held since June 2021, and the new lower low denotes a fresh strengthening of the downtrend that has now been in place since March.

Further declines now head towards $1644, and from there down to $1612.

WTI on the back foot again

Oil prices also fell yesterday, reversing the tentative gains of earlier in the week.

The $83.80 support level now comes into view, and then below this the price will head towards last week’s lows at $81.10. Below this the next major support level could well be found at $76.50.

If the price can find a short-term low, it may be able to move back towards the $89.20 area that marked the highs for September so far.

Cotton heads back to 50-day moving average

Prices here have resumed their downward move, and are testing the 50-day simple moving average (SMA) once more.

The price dropped sharply from the beginning of September, and a brief bounce mid-month failed to provide much bullish impetus.

A close below the 50-day SMA is a bearish development, and opens the way for a continued reversal towards the July lows.

A more bullish view requires a move back above 10,500, where gains stalled mid-month.

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