Gold hits one-year high while WTI and NY cocoa rally on tightening supply

​​​WTI hits two-month high

​The over 25% rally in the price of WTI on surprise OPEC+ production cuts announced over the weekend, leading to Monday’s large $75.76 to $79.02 gap, propelled the oil price to a two-month high at $81.79.

​It was made close to the $82.65 to $83.26 resistance area which contains the January high and 200-day simple moving average (SMA) and which may cap. at least short-term. ​

Support can be spotted around the psychological $80 mark and along the breached November-to-March upper triangle line $79.74 with further support seen at the $79.02 gap high. ​

Unless the March-to-April gap is a breakaway gap, which would imply a much higher oil price, the gap is likely to at least partially get filled, probably this or next week.

​Gold shoots upwards in light of softening US data ​

Gold’s rise above its March one-year high at $2,009 per troy ounce on softening US job openings has pushed the precious metal to levels last traded in March 2022 while targeting the all-time record high at $2,070. ​

Strong support can be spotted between the $2,009 to $2,003 previous resistance zone, the March highs, now because of inverse polarity a support zone, with further support found around the psychological $2,000 mark. ​

While no currently unexpected bearish reversal takes the precious metal to below Monday’s $1,950 low, the all-time March 2022 high at $2,070 remains in sight.

​NY cocoa futures resume their ascent ​

At the end of March NY cocoa futures rose to levels last traded in February 2020 at $2,930 per metric ton on the back of tight supplies in top grower Ivory Coast.

​On Monday the contract revisited last week’s low at $2,831 which held, though, and is from where Tuesday’s recovery rally back towards the $2,900 region began. ​Above it lie the March peak at $2,930 and the February 2020 peak at $2,933, ahead of the psychological $3,000 mark, all of which remain in focus while $2,831 underpins on a daily chart closing basis. ​

The price of cocoa has risen by over 30% from its October 2022 low and looks to be on track to reach a new all-time record high in the near future.

​Immediate support can be seen at the $2,855 early March high, the recent lows at $2,831 and at the $2,810 late February high.