Gold fell below its 100-day moving average this month after rising above the measure in August. It had held below the indictor since December and September’s drop also took prices below the 50-day moving average this week. Some analysts study technical charts to gauge possible future price moves.
Five of 10 people surveyed expect raw sugar to gain next week and five were bearish. The commodity slid 9.3% to 17.70 cents a pound on ICE Futures U.S. in New York this year.
Twelve of 27 surveyed anticipate lower corn prices and six said the grain will rise, while 13 of 28 said soybeans will gain and nine expect lower prices. Ten predicted advances in wheat and eight were bearish. Corn fell 33% to $4.645 a bushel this year in Chicago. Soybeans lost 0.8% to $13.9775 a bushel, as wheat dropped 17% to $6.49 a bushel.
Six traders and analysts surveyed expect copper to fall next week, five were bullish and eight neutral. The metal for delivery in three months, the London Metal Exchange’s benchmark contract, dropped 11% to $7,057.25 a ton this year.
The S&P GSCI gauge of raw materials fell 4% since a six-month high on Aug. 28, partly because of the drop in oil and gold futures which account for about half the index.
“The market is really expecting some tapering,” said Michael Widmer, head of metal markets research at Bank of America Merrill Lynch in London. “If you get $20 billion in cuts everything would be hit very hard. If you get a little bit of tightening, but not as much as the market expected, and you have stronger growth, then prices could remain strong.”
*T Gold survey results: Bullish: 7 Bearish: 15 Hold: 3 Copper survey results: Bullish: 5 Bearish: 6 Hold: 8 Corn survey results: Bullish: 6 Bearish: 12 Hold: 9 Soybean survey results: Bullish: 13 Bearish: 9 Hold: 6 Wheat survey results: Bullish: 10 Bearish: 8 Hold: 5 Raw sugar survey results: Bullish: 5 Bearish: 5 Hold: 0 White sugar survey results: Bullish: 5 Bearish: 4 Hold: 1 White sugar premium results: Widen: 1 Narrow: 6 Neutral: 3 *T