Gold price and natural gas price make gains, but WTI crude oil price slips
While gold and natural gas are rising, oil prices have struggled to make further gains.
Gold pushes higher
Spot gold continues to make gains, having managed to recoup some of Monday’s losses.
A close above $2700.00 likely opens the way to the highs of November and December at $2720.00, while beyond this lies the peak from October around $2790.00. Sellers need to see a close back below $2650.00 to boost the chances of a fresh leg lower.
WTI rally halted for now
The WTI crude oil rally in crude oil hit some selling over the past 48 hours, after the latest surge took the price to $77.00 for the first time since early October.
This may not be the signal for a new leg lower; however, that would likely require further declines below $75.00, given how strong momentum to the upside has been in recent weeks. A renewed push higher targets August’s high at $79.00, and then on to the early July high at $84.00.
Natural gas drops back
Volatility remains elevated in natural gas. The price surged over the past week towards 3900, but then dropped back once again, as it did in late December.
A fresh move higher would target the 4000 peak from late December, while a close back below 3400 would be needed to suggest that the lows from earlier in January around 3300 might be tested.
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