Gold price, WTI crude price and natural gas price make gains
The week has opened with gains for commodity prices, with natural gas in particular firmly in rally mode.
Gold edges through $2650.00
The spot gold price has made some headway in early trading, but recent gains have been capped at $2650.00.
A close above this opens the way back to the highs in late November at $2720.00. Beyond this lies the record high at $2800.00. Despite the mixed trading over the last four weeks, the uptrend remains in place. A close below $2600.00 brings the $2550.00 low from December into play.
WTI recovers from one-month low
Last week ended with WTI at its lowest level in almost a month, but the price has recovered in early trading this morning.
$67.00 continues to hold as support, but in the short-term a bounce towards $70.00 and then $71.30 may materialise. The overall downtrend is still in place however, and this remains the case unless we see sustained gains above $72.00.
Natural gas leaps higher
Friday witnessed a recovery for the natural gas price, which closed above 3000, and the bullish view has been given fresh reinforcement by the gap higher.
Continued gains target the 3600 high from late November, and potentially then on to new higher highs. Sellers will need a close back below 3000 to suggest a renewed bearish view prevails in the short-term.
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