Gold price higher while WTI crude price and natural gas price drop
While gold has seen further gains, both oil and natural gas have come under pressure.
Gold pushes higher
Tuesday’s session witnessed the spot gold price make solid gains, pushing to a new six-week high.
The rally from the lows of mid-December is intact, and with the price now through the $2720.00 level the next target is the record high from late October at $2790.00. Beyond this the price will move to fresh record highs.
WTI pullback continues
Oil prices continue to fall, with WTI crude oil now below $76.00 once again.
A close back below the early October highs around $75.00 is a negative short-term development and could open the way to a test of $74.00. Having risen so strongly since December some short-term weakness is not surprising, and buyers will be watching to see if the price can establish a higher low in coming weeks.
Natural gas continues to fall
Natural gas has given up its gains once again and has headed back to its rising 50-day simple moving average (SMA).
While the trend is still intact, this month-long period of consolidation has made life difficult for the bulls. However, a higher low could still form, and might put the price on course for a retest of the highs around 3900.
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