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​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

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