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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​Gold, crude oil prices drop while natural gas prices gap higher​

​​​Gold, crude oil prices drop while natural gas prices gap higher​ during Veterans Day holiday.​

Gold Source: Adobe images

​​​Gold price under pressure

​The spot gold price’s around 3% drop following Donald Trump’s election as the 47th president of the US as safe haven trades were unwound, last week took it to a three-week low at $2,644.00 per troy ounce, a level which seems to be back in sight, following Monday morning’s sell-off. While the next lower $2,605.00 early October low holds, though, the medium-term uptrend remains intact.

​Minor resistance can be spotted at the $2,685.00 late September high and Thursday as well as Friday’s $2,710.00 peaks. While these cap, downside pressure should maintain the upper hand.

Spot gold chart Source: IT-Finance.com
Spot gold chart Source: IT-Finance.com

​Crude oil price drops again

​The WTI crude oil front month crude oil futures price is taking a hit on China’s disappointing stimulus effort with last week’s low at 69.54 back on the map.

​The 55-day simple moving average (SMA) at 70.75 may act as minor resistance ahead of the more significant 72.30-to-72.59 resistance zone which consists of the late September, 24 October and last week’s highs.

​A fall through 69.54 would probably push the 18 October low at 68.22 to the fore.

US crude oil chart Source: IT-Finance.com
US crude oil chart Source: IT-Finance.com

​US natural gas prices jump

​The natural gas recovery from Monday’s 2.665 low, formed marginally above the October low at 2.636, got a boost on Monday morning amid light Veterans Day Holiday trading as it gapped higher towards its early to late October highs at 3.081-to-3.141.

​Potential slips may find support around last week’s high at 2.903 and also at Friday’s high at 2.863 with an upside target zone found around the tentative October-to-November downtrend line at 3.040.

US natural gas chart Source: IT-Finance.com
US natural gas chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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