Gold falters but Brent crude and natural gas prices make headway
While gold has suffered losses thanks to a stronger dollar, both oil and natural gas prices are moving higher.
Gold pushed down by rising US dollar
Gold’s rally has stalled since late-December, hit by a strengthening US dollar.
The pullback from the late-December high continues, and now the 50-day simple moving average (SMA) is coming into view as possible support once more. Thursday saw the price slip below the mid-December high of $2048, and this might catalyse fresh selling pressure.
Bulls will need a close back above $2065 to indicate that the pullback of the past week has run its course.
Brent off the recent lows
The price staged an impressive rally from a three-week low on Tuesday, moving back above $76 as signs of fresh attacks in the Red Sea raised fears of more disruption to global shipping.
The bounce continued in more muted fashion on Thursday, though the price was unable to hold on to all its gains, and a more indecisive tone prevailed. Nonetheless, a test of the declining 50-day SMA seems likely, and then the December high around $81 comes into view.
A reversal back below $76 sees the price challenge this week’s low, and then below this, the December low at $72.52 comes into play.
Natural Gas moves above 200-day MA
Natural gas has enjoyed a solid performance over the past month, rallying off its six-and-a-half month low and climbing back above the 200-day SMA.
After the huge declines since the end of October, a lower high is still a major risk here, and the price might yet reverse course below the 50-day SMA.
A break below 2540 would see the price back below trendline support from the December lows and revive the short-term bearish view.
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