Gold price at new record highs, while WTI crude price moves higher and natural gas price falls back
Gold and oil have made gains, the former hitting a new high, but natural gas has fallen back.
Gold pushes to new record
The spot gold price has marched to fresh highs overnight, continuing the impressive rally from late December.
At present there is no sign of any consolidation, and buyers are firmly in control. $2900.00 appears to be the next target, and $3000.00 is also being talked about. Monday’s weakness saw buying below $2800.00, so any pullback needs to break below this level.
WTI attempts to rally
It has been a volatile week so far for oil prices. Last week saw the WTI crude oil price rebound from above $72.00, and succeed in clearing $74.00, but the price then slumped back to $72.00.
Tuesday saw an indecisive session, with the price unable to make headway in either direction, but there was plenty of buying around $71.00. Gains overnight have raised hopes that a low has formed, and a positive close today would help to support that view.
Natural gas heads lower
The Sunday night natural gas gap higher has been eroded, though not entirely filled.
Continued declines would head towards last week’s lows at 3000, while a recovery back above 3250 might help to suggest a low has formed. Monday’s high at 3400 acts as an initial target and resistance.
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