Gold price falls but WTI crude price and natural gas price rise
While gold is drifting lower both WTI and natural gas are edging higher in early trading.
Gold drifts lower
The spot gold price has fallen back from the highs seen last week near $2800.00, though the long-term uptrend is still firmly in place.
Since July the price has held above the 50-day simple moving average (SMA) and has made a series of higher highs and higher lows. A short-term pullback may test the late September highs just below $2700.00.
WTI makes gains
Another short-term rally has helped to stall the losses, after the price fell to a one-month low last week.
The WTI price has pushed on above $70.00, and now targets the $72.00 level, which acted as resistance in late September. If it moves above $72.00 then the price will have broken the run of lower highs since early October.
Natural gas edges higher
After rallying in mid-October, the natural gas price fell back, and while it has risen in early trading it is not yet certain that a low has been formed.
However, a close back above 2750 might well indicate that a low has formed, and a long trade with a stop under the lows of late October and last week, i.e. around 2610, might be able to capitalise on a fresh rebound.
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