Gold price and natural gas price rise, but WTI crude price falls back
While gold and natural gas prices have rallied, oil prices have fallen back again, towards the lows seen in the summer of 2023.
Gold on the up once more
The spot gold price has rallied off the lows of the week and is pushing back towards the recent highs.
Buyers defended the lows around $2472.00, pushing the price higher and averting even a short-term pullback for the time being. A close above $2531.00 leaves the price at a new record high. Sellers will need a close back below $2470.00 in order to suggest that the price may head back to the 50-day simple moving average (SMA).
WTI heads towards summer 2023 low
Oil prices faltered again yesterday, closing near the lows and leaving WTI within a short distance of the December lows.
$67.30 provided support during the middle of 2023, so this will be a key area to monitor. There seems to be little sign of any bullish momentum, though a close back above $70.00 might suggest that a low has formed.
Notably, news that OPEC was considering delaying an October production increase has done little to support the price.
Natural gas heads higher
Thursday saw the natural gas price make further gains, pushing firmly above the 200-day SMA and returning to the highs seen in mid-August.
The buyers remain firmly in charge, after the bounce off 2200 earlier this week. Yesterday’s close above 2380 puts the price on course to make further gains, and it would need a close back below 2200 to negate this bullish outlook.
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