Gold price soars to new highs, while WTI crude price edges higher and natural gas price falls back
Gold has hit a new record, while buyers are attempting to halt the pullback in oil prices. Natural gas prices continue to fall.
Gold at new record
The spot gold price touched a new record high yesterday, thanks in part to fears about new US tariffs.
The price has enjoyed a strong rally throughout January, building on the low seen in late December. Having firmly revived the uptrend after the November and December weakness, a move further into new uncharted territory looks likely. A close back below $2750.00 might signal that some short-term weakness is at hand.
WTI attempts to stabilise
The pullback in WTI crude oil prices goes on, having reversed lower from $74.00 earlier in the week.
Some gains yesterday have provided hope for buyers that a low has formed, and a close above $74.00 would bolster this bullish view with a possible higher low.
Natural gas still under pressure
Hopes of continued gains on Thursday after Wednesday’s natural gas recovery were dashed, though it avoided a close below the weekly low.
However, early trading has seen further losses, which could open the way to a test of 3000. Buyers will need a close back above 3200 to suggest a low has formed.
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