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Gold price reaches $3500 and WTI price rises, but natural gas price slips again
While gold has surged to yet another record, oil prices are creeping higher, while natural gas prices have fallen again.
Gold touches $3500
Spot gold has been the main beneficiary of the recent tariff drama in the US, and as the US president turns his ire on Federal Reserve (Fed) chairman Jerome Powell the metal is gaining once more.
It touched $3500.00 for the first time in early trading this morning, marking an astonishing rally from the $3000.00 level seen earlier in the month. The commodity has turned into a momentum play, but may well continue to gain while the macro picture remains so uncertain. For the moment, there is little sign of any downside momentum developing.
WTI edges higher
US crude oil hit a three-week high at $64.00 last week, but stumbled over the past two sessions. Buyers came in to defend the $62.00 level, and further gains this morning have raised the prospect of a move back to test $64.00. A close above here would then put the price on course $66.00, which marked the lows from early March.
Sellers will be looking for a move back below $61.00 to suggest a more substantial leg lower has begun.
Natural Gas drops below 3400
The losses continue here and the natural gas price has given up all the gains made since early February. January’s low at 3000 now comes into view. This level also marked support in December, so a close below this marks a fresh bearish development.
Buyers have been unable to wrest back control since the beginning of April, but a close back above 3400 might suggest that a low has formed.
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