Oil and natural gas prices probe resistance while gold continues to drift lower

​Gold continues to glide lower

The price of Spot Gold continues to come off its its 200-day simple moving average (SMA) at $1,845 per troy ounce, which capped it throughout this and last week, with the mid-June low at $1,806 remaining in sight as US treasury yields surge once more.

Further down the May trough can be spotted at $1,787. Minor resistance above the April-to-June downtrend line and 200-day SMA at $1,841 to $1,845 comes in at last week’s high at $1,848 with further resistance sitting at the 16 June high at $1,857.

While the next higher current June highs at $1,874 to $1,877 cap, the last few months’ downtrend remains in place.

Brent crude oil revisits its mid-May high

Brent crude oil’s rally from last week’s low at $104.92 has taken it back to the mid-May high at $114.30, around which it currently struggles, as investors balance concerns over a potential demand slowdown with signs of ongoing supply tightness.

If the $114.30 level were to be overcome on a daily chart closing basis, the late March and late May highs at $120.48 to $120.62 may be reached next.

Slips may find support along the 55-day SMA at $111.75 and at the 20 June low at $109.76.

Natural gas futures stage a minor recovery rally

Natural gas futures have been rising over the past three sessions as they are recovering from their $6.07 three-month current June low amid renewed supply worries.

The 14 June low and 21 June high at $6.95 to $7.01 represent an immediate upside target which may cap the current advance, though. Further up the 27 April high at $7.51 may also offer minor resistance.

Slips may find support around the $6.48 10 May low ahead of the current June low at $6.07.

If it were to be slipped through, the 200-day SMA at $5.64 would be next in line, below which the November 2021 and January 2022 highs can be found at $5.51 to $5.43.