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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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 and oil head lower but sugar prices at a high

A stronger dollar has weighed on gold and oil prices are struggling, but sugar prices continue to soar.

gold image Source: Bloomberg

Gold edges lower

A stronger dollar has resulted in further losses for the commodity, and it is now heading back towards recent support around $1970.

Below this the 50-day simple moving average (SMA) might come into view, though the broader trend is still up given the higher highs and lows seen in Q1.

A revival back above $2000 would suggest the buyers might be back in charge, targeting $2050 and higher.

Gold Daily Financial Bet chart Source: ProRealTime
Gold Daily Financial Bet chart Source: ProRealTime

WTI steady after sharp Wednesday fall

A bearish view is back in place here following the drop below the 50-day SMA on Wednesday.

While the price stabilised on Thursday, and is little-changed in early trading today, the overall view continues to point towards further downside. The downtrend has reasserted itself, particularly given the recent drop and the earlier failure to break above the 200-day SMA.

More declines target the lows of March, while the buyers will need to see a move back above $78 to suggest another attempt to break the 200-day SMA.

TWI Daily Financial Bet chart Source: ProRealTime
TWI Daily Financial Bet chart Source: ProRealTime

Sugar surge continues

The price has continued to soar and now the highs from 2012 are the next target.

Given the size of the move, some consolidation here would not be surprising, though a more bearish move would need a drop back below 2200.

Sugar No. 11 Daily Financial Bet chart Source: ProRealTime
Sugar No. 11 Daily Financial Bet chart Source: ProRealTime

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