WTI stabilizes above 1-month low while gold price hits record high and natural gas slips
The oil price tries to stabilize above Tuesday’s 1-month low as the gold price trades in record highs while aiming for the $2,500 mark as natural gas prices continue their descent.
WTI tries to hold above Tuesday’s 1-month low
The WTI crude oil front month futures price dropped to a 1-month low at 79.40 on Tuesday as weaker growth in the world’s largest consumer China led to demand concerns. This low was made marginally above the 55- and 200-day simple moving averages (SMA) at 79.40 and 78.46 which may act as support, were 79.40 to give way.
While the oil price remains above Tuesday’s 79.40 low, last week’s low at 80.25 is expected to be revisited and perhaps also the 80.47 May peak. If overcome on a daily chart closing basis, another medium-term up leg could be formed.
Gold price trades in all-time highs
The spot gold price is on track for its third consecutive day of gains and has so far risen to a record high at $2,482 per troy ounce, above which beckons the $2,500 mark. Since this level is a round number, the gold price may stall around it, though.
Slips should find support around the previous May record high at $2,450 with further support sitting at the $2,431 April high.
Natural gas
Front month natural gas futures continue their descent and are seen heading towards the 2.058 March high, below which the February-to-July uptrend line can be spotted at 2,040.
Minor resistance can be found at the 8 July low at 2,313.5.
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