Gold price and natural gas price fall but WTI crude price stabilises for now
Gold and oil remain under pressure, though the selling in the latter has stalled for now. Meanwhile, natural gas prices are running into some resistance.
Gold still heading lower
The spot gold pullback continues here, with no sign that a higher low has yet been established.
The price is now testing the low of October around $2600.00. A close below this would mark a further bearish short-term development, though the longer-term uptrend remains intact. Bulls will want to see a revival back above $2650.00, while $2550.00, the mid-September low, becomes the sellers next target.
WTI edges higher
While it has edged higher for a second day, the latest lower high in WTI oil prices from last week is still pointing the way towards additional downside.
The late September and October lows around $66.90 come into view in the event of more losses, while below this lies $65.00, around which the price bounced earlier in September. The overall bearish trend here remains intact.
Natural gas rally stalls
The natural gas rally has continued here, though yesterday saw the price push through the late October high but fail to hold its gains.
The early October high at 3142 is the next target in any continued move higher, while a reversal back below 3000 might indicate a stalling of bullish momentum and a possible reversal. This might then bring the 2630 low from early November into view.
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