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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 Source: Adobe images

​​​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.

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

​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.

WTI crude oil chart Source: IG
WTI crude oil chart Source: IG

​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.

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

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