Gold price looking for new highs, but WTI crude price and natural gas price fall back
While gold is poised to reach a new record, both WTI and natural gas have given back some recent gains.
![Gold](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/Adobe_gold_pieces_26-06-2024.jpg/jcr:content/renditions/original-size.webp)
Gold on cusp of new highs
The spot gold price edged back down from its highs yesterday but overall, the rally is still in place from last week.
A daily close above the record high has yet to transpire, but it may well be just a matter of time. $2500.00 continues to glisten in the near distance as a target.
Having held above the 50-day simple moving average (SMA) and above trendline support from late June, the outlook remains bullish. It would need a close back below the 50-day SMA to suggest some renewed near-term weakness.
![Spot gold chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/Gold140824.png/jcr:content/renditions/original-size.webp)
WTI price back below 200-day moving average
The rally in WTI crude oil prices suffered a knock yesterday after it managed to close above the 200-day SMA on Tuesday.
Today may well be a deciding moment for the bounce; a close back below $77.00 would mark a fresh bearish development and could spark a new leg lower down to the August lows once more.
Buyers will want to see a revival today or in coming sessions that puts the price back above $78.00 and the 200-day SMA, in order to point the way to further gains.
![WTI crude oil chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/WTI140824.png/jcr:content/renditions/original-size.webp)
Natural gas bounce goes into reverse
The natural gas rally here ran out of steam at 2300, and the price has slipped back from the highs for the time being.
A lower high might be indicated should the price drop back below 2200, and this could then put the recent lows back in prospect.
On the upside, a close back above 2300 could put the buyers in charge once more. This then targets the 200-day SMA, followed up by the 9 July high at 2454.
![Natural gas chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/NGas140824.png/jcr:content/renditions/original-size.webp)
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