Commodity Capsule: Crude oil fell; gold set for gain; copper extends rally

Commodity Capsule Crude oil fell; gold set for gain; copper extends rally.

Crude oil prices have been falling in recent days due to concerns about global economic growth and rising inventories. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have also been cutting production in an effort to support prices. However, these efforts have not been enough to halt the decline in crude oil prices.

Gold prices, on the other hand, have been holding steady in recent days. This is due in part to expectations that the Federal Reserve will keep interest rates low and continue to purchase government bonds in an effort to support economic growth. Additionally, gold is often seen as a safe-haven asset during times of economic uncertainty, which may be contributing to its stability.

Looking ahead, gold futures are edging towards $2,045. This price level has been seen as a key resistance level for gold in the past, and some analysts believe that if it can be broken through, it could signal a significant move higher for the metal.

Finally, copper prices have been on an upward trend in recent days. This is due in part to strong demand from the manufacturing sector, particularly in China, which is the world's largest consumer of copper. Additionally, copper is often used in the production of renewable energy technologies, such as solar panels and wind turbines, which are becoming increasingly popular as the world transitions away from fossil fuels.