Gold price at new highs, but WTI crude price and natural gas price drop back
Gold has made new highs as the chances of a 50 basis point rate cut rise, but both oil and natural gas prices have struggled to continue their gains.
Gold at new highs again
Spot gold has continued to carve out new highs, after last week’s rally through the previous high at $2531.00.
The uptrend remains intact with this new higher high, and indeed has been given further reinforcement. At present there is no sign of any pullback developing. In the short-term, a drop back below $2500.00 might signal that some weakness was at hand.
WTI struggles to continue its bounce
The WTI crude oil rally off last week’s lows stalled on Friday and the price has begun the week on a softer note.
Sellers will be looking for a move back below $68.00 that will indicate that another test of the recent lows is on the cards. Buyers need to avoid a weaker close today in order to support at least a short-term rebound towards the mid-August low around $72.00.
Natural gas rally stalls
The natural gas rally continues here, though it suffered a check on Friday with a failure to hold on to the highs of the week.
For sellers, a close back below 2442.00, the 100-day simple moving average (SMA), would help to suggest that at least a short-term retracement is underway. A more bearish view in the medium-term requires a move back below 2300.00.
On the upside, a close above the May low of 2532.00 helps to bolster the bullish view.
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