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​Gold price falls but WTI crude price and natural gas price rise

While gold is drifting lower both WTI and natural gas are edging higher in early trading.

Gold Source: Adobe images

​​​Gold drifts lower

​The spot gold price has fallen back from the highs seen last week near $2800.00, though the long-term uptrend is still firmly in place.

​Since July the price has held above the 50-day simple moving average (SMA) and has made a series of higher highs and higher lows. A short-term pullback may test the late September highs just below $2700.00.

Gold chart Source: TradingView.com
Gold chart Source: TradingView.com

​WTI makes gains

​Another short-term rally has helped to stall the losses, after the price fell to a one-month low last week.

​The WTI price has pushed on above $70.00, and now targets the $72.00 level, which acted as resistance in late September. If it moves above $72.00 then the price will have broken the run of lower highs since early October.

WTI chart Source: TradingView.com
WTI chart Source: TradingView.com

​Natural gas edges higher

​After rallying in mid-October, the natural gas price fell back, and while it has risen in early trading it is not yet certain that a low has been formed.

​However, a close back above 2750 might well indicate that a low has formed, and a long trade with a stop under the lows of late October and last week, i.e. around 2610, might be able to capitalise on a fresh rebound.

Natural gas chart Source: TradingView.com
Natural gas chart Source: TradingView.com

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