Gold price at new record, while both WTI crude price and natural gas price rebound
Commodities are rising once more, with oil and natural gas rebounding and gold hitting new highs.
Gold still pushing higher
Spot gold prices have made fresh highs and show no sign of reversing course. Short-term weakness will target the previous peak at $2685.00, and then down to the lows of October around $2600.00.
WTI makes further gains
WTI crude oil rebounded for a second day on Tuesday, returning to the 50-day simple moving average (SMA). Reports of an imminent Israeli attack on Iran have helped to support the price after it hit three-week lows last week.
For the moment, positive momentum appears to prevail, with the price likely to test $72.45 and then on to the highs of October at $77.00. A reversal back below $70.00 could see last week’s lows tested again.
Natural gas continues to recover
The decline from the highs of early October has been halted, and since Friday’s low the natural gas price has continued to recover. Further short-term gains head back towards the October high at 3120.
A close and reversal back below 2630 would mark the beginning of a fresh leg lower.
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