Gold price and natural gas price higher, but WTI crude price drops back
Early trading has seen gold and natural gas make headway, but oil has continued its negative tone into the new week.
Gold’s recovery goes on
Gold prices continue to recover having bottomed out last week for the time being.
The recent pullback from the record highs has removed some of the froth from the huge gains made since February, but the overall uptrend remains firmly in place.
Additional gains above $23.50 target last week’s highs at $24, while if the $23 level is broken then the 50-day simple moving average (SMA) comes into view.
WTI retreats from trendline resistance
Oil prices recovered over the past week, having moved higher from the 50-day SMA.
However, the price has yet to break above trendline resistance from the April high. Early trading on Monday has seen the price retreat from this level, which might then result in another test of the 50-day SMA, or the low from mid-April around $81.
A close above $84 would see the price break above trendline resistance and above Friday’s high.
Natural Gas edges higher
Natural gas prices fell back on Friday to trendline support from the late March low, but early trading is witnessing a recovery.
This latest bounce off rising trendline support now targets last week’s highs at 2130. Beyond this lies the late January highs around 2330.
The April rally has cancelled out any renewed bearish view for the time being, though a close back below 1900 might signal that a lower high has been created.
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