Gold price hits another high, while WTI crude price rebounds and natural gas price falls further
Early trading has seen yet another new high for gold, while oil prices have recouped some of Friday’s losses. Natural gas prices continue to fall, however.
Gold sparkles at new high
The spot gold rally shows no sign of slowing, reaching a fresh record high in early trading.
The recent dip in early October worked out well for bulls, who have seen a fresh leg higher in this strong trend. While overstretched from the 50-day simple moving average (SMA), the overall trend is still in place. A close below $2685.00, the September high, might trigger some short-term weakness.
WTI edges higher
Friday’s session saw the hopes of a higher low dashed for the time being. The WTI crude oil price dropped below trendline support, and remains below it in early trading this morning.
A recovery back above $70.00 might breathe new life into the rally from the September lows. A failure to break back above trendline support puts the recent lows into view once more.
Natural gas falls further
The pullback continues here, with Friday having seen further losses.
While the natural gas price remains oversold on daily stochastics, price action has yet to suggest that a higher low has formed, though with the 50-day SMA still rising one is a distinct possibility.
This would require a move back above 2700, while a close below the 50-day SMA amplifies the short-term negative outlook.
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