Gold price edges lower but both WTI crude price and natural gas price make gains
News of tariffs has bolstered oil and natural gas, but has knocked gold back from recent highs.
Gold pressured by stronger dollar
The spot gold price has eased back from the record high seen last week, but while a stronger US dollar has a negative effect, some safe having buying has been seen at Monday’s overnight lows.
From a technical standpoint, last week’s high was accompanied by negative divergence, a possible bearish sign. A strengthening US dollar might continue to weigh on the price, possibly bringing $2750.00 into view as support. At present the price is holding the previous record high around $2780.00.
The outlook from here depends on whether gold can maintain its attraction as a safe haven or whether the stronger dollar will continue to pressure it.
WTI continues to gain
Friday saw the WTI crude oil price make headway, rallying off $72.00. It then made gains overnight but fell back into the early part of Monday’s session.
A low appears to be in place for the time being, and a close above $74.00 would bolster this bullish view. This might put the price back on course to target the highs of mid-January around $79.00.
Natural gas surges
Natural gas prices gapped up over the weekend on the tariff news, helping to halt the declines of the past three weeks and suggest that a low may have formed.
Further gains back above 3400 would help to cement the bullish view, and perhaps open the way for a test of the 3900 highs of January and late December. Sellers will need a reversal and a close back below 3000 to revive a bearish view.
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