Gold price pinned in narrow range, while oil price and natural gas price rise
Gold remains stuck in a narrow range, while oil has rallied off recent lows and natural gas’ surge continues.
Gold stuck in narrow range
The spot gold price continues to be held below $2930.00 and has come under pressure in early trading. However, it is also holding above $2900.00 for the time being.
A break of this range in either direction is needed to signal a retest of either the recent highs at $2950.00 or the lows from the end of February at $2850.00.
WTI rallies off lows
WTI oil prices have rallied off the lows seen last week but remain below last Friday’s high at $68.00.
A close above $68.00 might signal the beginning of some short-term upside, potentially targeting $70.00. $67.00 was a key area of support in the second half of 2024, so if it can hold above this it will be a positive development. Conversely, if the price remains below $67.00 the outlook turns more bearish.
Natural gas hits new high
Friday saw the natural gas price rebound and then surge overnight to a new multi-year high. Early trading on Monday has seen further gains. Last week’s brief drop at 4400 was rapidly reversed, and buyers have reasserted control.
In the longer-term further upside targets the October 2022 low around 5300.
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