Gold, oil and natural gas prices move higher
Commodity prices have made headway, with gold beginning to show signs of forming a higher low and oil prices pushing higher again.
Gold starts to form higher low?
Gold prices have pushed higher for a second day, after testing the 50-day simple moving average (SMA) yesterday.
A higher low could be forming, which would help reinforce the uptrend and put the price back on course to the December highs.
A reversal below the 50-day SMA would be needed to put a more bearish view in place.
WTI rallies on Middle East tensions
Sharp gains yesterday came as US and UK forces began an attack on Houthi targets in Yemen in response to attacks on shipping in the Red Sea.
The price has continued to consolidate this week, holding above $70 as it has done throughout January. However, the 50-day SMA continues to cap gains. A close above the 50-day SMA is needed to put the price on course to challenge the December high at $76.20.
A drop back below $70 marks a more bearish development, breaking resistance and pointing towards additional downside.
Natural Gas holds above 200-day moving average
A substantial rally off the December lows took a knock this week, though the overall bounce is still intact.
With the price now holding above the 200-day SMA, the next move may be a challenge of the 3000 level, which saw sellers emerge this week.
Beyond this the price heads on to 3200 and 3400, while rising trendline support from the December lows comes into view around 2700.
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