Gold price stabilises while WTI crude price holds steady and natural gas price drops back from highs
Gold is showing some signs of stabilising after its losses, while oil prices remain quiet despite more poor China data. Natural gas prices have dropped back from resistance.
Gold stabilises after losses
The run of spot gold losses appears to have paused for now, after a recovery from the lows yesterday.
For a higher low to form, we would need to see a positive close today and ideally Monday, perhaps taking the price back above $2600.00. This might then signal a resumption of the uptrend. A close back below $2550.00 leaves the sellers in charge.
WTI edges lower
The drop in WTI crude oil prices has paused for now it seems, as the price reaches the $67.00 area that marked support in September and October.
However, the overall bearish view is still in place. Below the $67.00 area lies the September low at $65.00. Meanwhile, any bounce will need to clear the $72.00 area that marked the limit of gains in October and November, before moving on to target $75.00.
Natural gas falls back from resistance
The natural gas rally has encountered a check around the early October highs, falling back towards 2900.
This leaves the price in a range from around 2600 to 2900. A return to the 2600 level could see sellers emerge. A breakout above 2900 targets the June peak at 3200.
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