The spot gold price has returned to the highs seen a week ago and is poised for further gains, potentially reaching new record levels. However, if the price drops below the early July peak of $2,483.00, it could face short-term weakness and test the 50-day simple moving average (SMA) at $2,414.00.
WTI crude oil continues to experience volatility, with prices falling sharply on Tuesday and losing some recent gains. Sellers have regained control, bringing the $72.00 low back into focus. A drop below this level would signal a bearish trend in the long term.
For buyers to regain confidence, the price needs to move above $77.00 and close above the 200-day SMA. Even with this, a significant upward movement may still be uncertain. The early August rebound stalled around $78.75, and a close above this level is needed to suggest a potential breakout.
High-grade copper prices have continued to rise after breaking higher last week. The price has surpassed trendline resistance, with the late June low at 43,260 now in view. In the longer term, copper is set to challenge the July highs of 46,700. A reversal and a close below the 200-day SMA would shift control back to sellers.