Gold nears record highs as WTI crude oil and natural gas prices adjust
Gold has pushed higher and is now targeting its previous record high, while crude oil and natural gas continue to fall.
Gold eyes up recent record
United States (US) dollar weakness has contributed to fresh gains, with the spot gold price still on course to test the highs from the end of October.
Gold has enjoyed an impressive recovery, rebounding from its December lows and appearing poised to reach new record highs. Upside momentum remains strong, as indicated by the high stochastic reading, and there is yet to be any sign of a reversal.
Spot gold chart
WTI pullback continues
WTI crude oil's slump from the recent six-month high continues, though it remains above the 200-day simple moving average (SMA) for the time being.
There is currently no indication of a low forming, and further losses would target the early January low around $72.50, which also coincides with the early November high. Below this level, the price would target $71.10.
WTI crude oil chart
Natural gas drops back
After moving higher on Wednesday the natural gas price has reversed course and continues to experience losses.
A test of the 50-day SMA looks likely – this has held as support in recent months, and a close back below it could signal a new move lower. A close back above 3600 might indicate a revived bullish move.
Natural gas chart
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