Gold price and natural gas price higher, but WTI crude price drops back
Both gold and natural gas made gains yesterday, but oil prices found themselves heading to new four-month lows.
Gold’s rebound continues
The spot gold recovery continues here after the brief move lover seen last week.
After touching $2950.00 in the final week of February, the drop took the price back down to $2850.00, but buyers emerged to defend this level as we saw earlier in the month. Another test of $2950.00 looks highly likely.
WTI slumps to new multi-month low
US WTI crude oil prices touched their lowest level since November on Tuesday, though the session finished with the price well off its lows.
There is little indication as yet that a bottom has formed. That would likely take a move back above $68.00 and further gains from there. Downside momentum remains strong, as indicated by the low stochastic readings of the past month. Further losses towards $65.00 and the September lows cannot be ruled out.
Natural gas hit new two-year high
Natural gas prices touched their highest level since December 2022 on Tuesday, and gains have continued in the early part of the session today.
Since the beginning of February, the price has staged an impressive rebound, gaining 1300 points. The rally shows no sign of stopping, though it looks stretched in the short-term from the rising 50-day moving average.
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