Gold price drifts down, but WTI crude price and natural gas price make gains
While gold prices are slightly lower, oil and natural gas prices are moving higher.
Gold tiptoes lower
The spot gold price fell back on Friday but finished off the lows. The strong rally over the past month has lifted it to new highs, with little sign at present of a more substantial dip emerging.
In the short-term, a drop below $2650.00 might signal the beginning of a move back towards recent trendline support.
WTI pushes higher
WTI crude oil prices appear to have bottomed for the time being. Early gains on Monday have helped the price to push on in the wake of Friday’s gains.
The $72.00 area is the first target in any sustained move higher. This marked the highs last week and the lows in August. Recent rallies have stalled below the 50-day simple moving average (SMA), which is currently sloping downwards, reinforcing the short-term bearish view.
Natural gas surges again
Big gains on Friday saw the natural gas price move back to its highest level since late June.
Friday marked a reassertion of control by the buyers, after a hesitant mid-week period. This has negated any bearish outlook for the time being; a close back below 2800 would be needed for a suggestion of a possible top.
Further gains target the May and June highs once more.
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