Gold price and natural gas price higher, but WTI crude price slumps again
The selling resumed in crude oil on Tuesday, taking WTI to new lows for the year, Meanwhile, gold and natural gas have made headway.
Gold heads back towards highs
The spot gold price has risen so far this week, and is now pushing back towards the recent highs.
A breakout above $2531.00 puts the price in new record high territory. Modest weakness over the past month has been met with buying, and the commodity has not succumbed to the volatility seen in stock markets.
WTI sinks to fresh lows
The WTI crude oil price has dropped sharply once more, after a brief recovery on Monday.
WTI slipped below $66.00 for the first time since May 2023 on Tuesday, and shows no sign of stopping. Although oversold and overstretched from the 50-day simple moving average (SMA), the price remains in a downdraft that may now test the May 2023 lows at $63.76.
Natural Gas moves higher
While oil prices sank, natural gas rediscovered its strength, pushing back towards last week’s highs on Tuesday.
Having averted a short-term bearish turn, the price now targets the early July high at 2450.00. From there, it would look towards the end of May low around 2530.00.
Sellers will need a reversal back below 2270.00 and the 200-day SMA to suggest a new push lower.
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