Gold price rises and WTI crude price recovers, but natural gas price comes under pressure
Gold seems on course to hit new highs, but natural gas has fallen to new multi-week lows. Meanwhile, oil prices are edging higher after a volatile week.
Gold surges towards new highs
The spot gold price continues to head towards a test of recent highs, as geopolitical tensions rise in the Middle East and risk-off sentiment grips equity markets.
New record highs are a short distance away, while the $2500 level is also in sight. It would need a close back below $2430 to suggest that a short-term peak has formed.
WTI rises after choppy week
Oil prices surged on Wednesday but WTI fell back from the 200-day simple moving average (SMA) on Thursday.
A move below $76.00 might suggest another test of the Tuesday lows. Recent price action has seen the price unable to close above the 200-day SMA, so this would be needed as an initial first step to any sustained rally.
Natural gas reverses course
Hopes of a natural gas rebound here were dashed with a reversal yesterday that took the price below the lows of late July.
This puts the sellers firmly in control and would see more of April’s gains wiped out. The price will need a bullish reversal back above 2060 to suggest that a low is attempting to form again.
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