Gold holds on to gains, while oil prices fall back and cotton fights to hold trendline support
While gold is still holding on to the gains made in the past two weeks, oil prices have dropped back and cotton prices are sitting on trendline support.

Gold still holding up well
A dip on Tuesday was met by buying pressure, avoiding any bigger drop for now, but bullish momentum seems to have firmly slowed. Nonetheless, a short-term consolidation/pullback requires a move below $1950, which might then open the way to the 200-day SMA. A daily close above $1984 is needed to revive bullish momentum.

WTI resumes its fall
Oil’s steep losses continue, and Tuesday saw the price slump below the 50-day SMA once again. Short-term trendline support from the October low remains in place for now, which might yet see the price stage a bigger recovery, targeting $90. A close below $82.80 would break trendline support and potentially open the way to 6 October low at $81 and then the 100-day SMA.

Cotton fights to hold trendline support
The price fell back on Tuesday after rebounding from the 200-day SMA on Monday. However, trendline resistance from the October highs continues to hold back progress. A close above 8500 would be needed to revive the bullish view. This might then see the price head back over time to the 8900 level. Sellers will need a close below 8340 to suggest that trendline support has been broken.

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