Gold price and WTI crude price higher, but natural gas price remains under pressure
Both gold and oil prices have edged higher, the latter after a punishing retreat from its January highs. Meanwhile, natural gas prices continue to struggle.
Gold aiming to retest record high
Yesterday saw a recovery that steadied the spot gold price after Monday’s losses.
Last Friday witnessed a push back to the late October record high. The price then faltered at this resistance, but having recovered $2750.00 now looks poised to make another attempt to hit a fresh record high.
WTI steadies after sharp losses
The pullback from the January high may have run its course. Monday saw the WTI crude oil price rebound from $72.00, with a small follow-on gain on Tuesday.
A close back above $74.00 would help to reinforce the bullish view, suggesting that a higher low has been formed. This might then see the price resume its march higher, targeting the January highs in due course.
Natural gas continues to fall
The longer-term rally has suffered a severe check, as the natural gas price slumps to a one-month low.
A recovery back above 3200 might suggest a low has formed, but for the time being it appears that the price will test 3000, where it found support in December. It is currently testing 3070, which was resistance in late October.
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