Gold price and natural gas price retreat, but WTI crude price recovers from Friday low
Early trading has seen weakness in gold and natural gas, but oil prices have recovered slightly from last week’s slump.
Gold falls back
Friday witnessed another drop back for spot gold, and this has continued in the opening part of Monday’s session.
The overall picture continues to argue for higher prices, with the recent record high barely a month ago underlining the strength of the uptrend. At present, the price is holding above the lows of last week around $2475.00, and also above the 50-day simple moving average (SMA).
Some short-term weakness towards the 50- or even 100-day SMA would still be likely to create a higher low.
WTI edges up from four-month low
Friday’s drop saw the WTI crude oil price hit its lowest level since May 2023, undercutting the June 2023 lows, if only briefly.
The price has pushed higher in early trading, though given the aggressive selling seen last week this is perhaps not surprising. Bulls will need to achieve a close above $70.00 to provide some reassurance that support has held for the time being.
Further declines head towards the May 2023 low at $63.75.
Natural Gas retreats from two-month high
Natural gas hit a two-month high on Friday, having enjoyed a strong rally over the past four weeks.
A close back below 2300 might signal that the sellers have asserted control for the time being, and might indicate a new attempt to push lower.
In the medium-term, the next upside target is the May low at 2532.
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