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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​Gold price surges once more, and WTI crude price and natural gas price also rally​

Gold is on the up once again, and natural gas has pushed higher after closing the gap up from Monday. Meanwhile oil prices have recovered too.

Gold Source: Adobe images

​Gold on a roll once more

​The spot gold price surged yesterday and has continued to recover from the higher low formed in November, and from the brief selloff on 25 November.

​The past week saw the price consolidate around 2630, and this has resolved into a renewed push higher. Further gains target the $2720 high from 25 November, and then on to $2790, the late October peak.

Gold daily chart

Spot gold chart Source: IG
Spot gold chart Source: IG

​WTI makes gains

​Oil prices continue to rise, after recovering from the $67 support zone again.

​The WTI crude oil price faces a picture of lower highs but continued horizontal support that has prevented the formation of lower lows. This could suggest that the downtrend is reaching an end. However, sustained upside above $72 would be needed to provide a more bullish view.

WTI crude oil daily chart

WTI chart Source: IG
WTI chart Source: IG

​Natural gas forms a higher low

​Monday’s gap higher was entirely retraced, and then having briefly moved below 3000, the natural gas price then recovered by the end of yesterday’s session.

​A higher low is in place once more, and could see a resumption of the longer-term uptrend, targeting the 3600 highs from November. A close back below 3000 negates this view.

​Natural gas daily chart

Natural gas chart Source: IG
Natural gas chart Source: IG

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