Gold price gives back some gains but WTI crude price and natural gas price keep rising
Gold has paused after two strong sessions so far this week, but both WTI and natural gas are still rising.
Gold bounce stalls
The spot gold price enjoyed two solid up days this week and has stalled in early trading.
Yesterday’s gain took the price above the October low at $2600.00, and for the moment the higher low is intact. Further gains head towards the $2680.00 high from late September. A close back below $2600.00 might signal a retest of last week’s low.
WTI continues to gain
WTI oil’s recovery from recent lows continues, although the longer-term downtrend is still in place.
A continued counter-trend bounce might target the $72.25 high from earlier in the month. Beyond this lies the early October highs at $75.00.
Natural gas pushes to new one-year high
The natural gas price has finally pushed on through the 3200 highs from earlier in the year. Compared to the sustained summer rally, the price has yet to become as overstretched. While daily stochastics have now entered overbought territory, this is more of a reflection of the strength of the gains.
The next target is the November 2023 highs around 3380. Beyond this lies the October 2023 highs around 3600.
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