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​​Gold price and WTI crude price lower, but natural gas price rises​

While gold and crude oil have both come under pressure, natural gas prices have risen.

Gold Source: Adobe images

​​​Gold drops back

​While the gold price was able to bounce off Tuesday's lows, there has been fresh selling overnight that might yet turn into a more substantial pullback.

Forward momentum has been lacking over the past week, with the price unable to push on above $2950. In the short-term, a close below $2850 bolsters the bearish view, though the longer-term rally remains intact.

Gold daily chart

Spot gold chart Source: IG
Spot gold chart Source: IG

​WTI at two-month low

Yesterday saw a substantial move to the downside, which took the WTI crude oil price to its lowest level since late December.

Hopes of a sustained move higher have been almost entirely dashed, and now the price looks set to move towards the $68.50 level. From there the $67 support level comes into play. Buyers would need a close back above $70 to suggest the selling has been halted.

WTI crude oil daily chart

WTI crude oil chart Source: IG
WTI crude oil chart Source: IG

​Natural gas moves higher

The short-lived natural gas reversal from last week's highs was itself unwound yesterday, on a day when crude oil prices suffered sharp losses.

A resumption of the move higher targets the 4400 level, though the price remains overstretched in the short-term from the 50-day simple moving average (SMA).

Natural gas daily chart

Natural gas chart Source: IG
Natural gas chart Source: IG

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