Gold price edges down, while WTI crude price comes under pressure and natural gas price rallies to four-month high
While gold is fighting to hold on to gains and natural gas has soared to a four-month high, oil prices have slumped through the lows of last week.
Gold remains above recent lows
The price continues to carve out a low, with buyers entering over the past week to ensure that, for now, the $2290 level holds.
If this marks the low for the time being then we could see a resumption of the move higher, with the higher low helping to reinforce the bullish medium-term view. This then targets the $2400 highs from mid-April.
A close back below $2280 negates this outlook, and could see the 50-day simple moving average (SMA) tested next.
WTI pushes to two-month low
Oil prices have suffered further losses in morning trading, dropping through the lows of Monday and Friday and heading to levels not seen since mid-March.
Signs of a lessening of tensions in the Middle East appear to be behind the move, which has negated the nascent indications of a low that appeared over the previous two sessions.
The February lows at $76 now come into view. A close back above $78 and the 100-day SMA would be needed to revive hopes that a low has formed.
Natural Gas hits four-month high
The past week has seen the price, finally, make serious headway, and it now finds itself back at the late January highs. Further gains would head towards the 200-day SMA.
The price might yet create a lower high, though this would need a reversal and close back below 2100 to signal some near-term weakness is at hand.
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