Gold price and natural gas price higher, but WTI crude price still under pressure
While gold and natural gas are moving higher, oil prices have fallen to two-week lows.
Gold price makes gains
The price has pushed higher after falling back on Monday, and remains above the 50-day simple moving average (SMA).
This leaves the bullish view intact, and leaves the price on course to test the $2400 level again. A close above this opens the way to the highs at $2450.
A close back below the 50-day SMA (currently $2343) might result in a move back towards previous support around $2280.
WTI at two-week low
Oil prices continue to fall, and WTI has now moved back towards the $80.45 level that marked support in the second half of June.
In the short-term, further losses head towards the 200-day SMA (currently $78.51), while buyers will want to see a reversal back above $81, which might indicate that a low is in place.
From there, further gains target the $84 highs from early July. A close above this level is needed to open the way towards gains that might take the price back to the April highs.
Natural gas edges higher
Natural gas managed to rally on Monday, but was unable to continue this move higher on Tuesday.
A close above 2400 may suggest that a low has formed for the time being, and result in a push back towards the 200-day SMA (currently 2502).
A slump below Monday’s low at 2313 and below the 100-day SMA (2279) would renew the move to the downside.
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