Gold price and WTI crude price head lower, but natural gas price stabilises
While gold and oil have both come under pressure, natural gas prices have finally managed to edge higher.
Gold sees bullish momentum fade
Spot gold price soared this week to a new record, but have eased off over the previous two sessions, and are under pressure in early trading today.
In the short-term, the move towards $2400 puts the sellers in charge, particularly if we see a close back below the May highs at $2450.
Further short-term declines target the 50-day simple moving average (SMA), currently $2359.
WTI heads lower
While the WTI crude oil price rallied mid-week, it has failed to sustain those gains, and continues in its downward move from the early July highs.
Additional losses are likely to test the 50-day SMA (currently $79.46), while a close below this would mark a more bearish medium-term development.
Buyers will want to see a close back above $82 to put the price back on course to test the July highs.
Natural gas finally stabilises
Natural gas managed to stabilise yesterday, after a huge rout over the past six weeks.
Having found support at 2060, the price now needs to push on through 2200 to suggest that a low may have been formed for the time being.
Short-term gains target the 100- and then 200-day SMAs (currently 2305 and 2460, respectively).
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