Gold price higher but WTI crude price and natural gas price both under pressure
Gold continues to benefit from a weakening US dollar, but both WTI and natural gas are still falling.
Gold pushes higher
The price has continued to rally, moving to its highest level in two months on Friday.
The breakout from late June remains in place, helped by a softer US dollar as hopes of a US rate cut in September rise once more following Friday’s payrolls data.
Further gains continue to target the May record high at $2,450, and for the moment the bullish view remains in place. It would need a close back below the 50-day simple moving average (SMA), currently $2,341, to dent this view.
WTI falls back
The latest rally in oil has come unstuck it seems, with the price dropping back towards $82.00 in early trading this morning.
For the moment, the price has appeared to have reached a high just below $84.00. Further weakness heads towards support at $80.50, and then below this the 100-day SMA at $80.23.
A close back above $84.00 is needed to revive the move higher in the short-term.
Natural Gas at two-month low
Friday saw the price lose more ground, falling to its lowest level since 9 May.
At present the pullback shows no sign of ending. We have yet to see a close above the previous day’s high, which might indicate a low is in place.
The 23 April high at 2130 is the next target, followed up by possible support at 2060.
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