Gold price loses volatility while WTI and natural gas prices slump
Gold price loses volatility while WTI and natural gas prices slump amid China’s slowing consumption and fragile housing market.
Gold price loses volatility
Last week’s surge in the spot gold price to $2,726.00 per troy ounce, to marginally above its $2,720 late November high, has been followed by a drop below the 55-day simple moving average (SMA) at $2669. Low volatility range trading below it is being seen with the 25 November to 6 December lows at 2613 to $2605 acting as potential support with the February to December uptrend line at $2603.
Minor resistance can now be found around the $2685 September peak.
Gold daily chart
Crude oil price slips again
The WTI front month crude oil futures price last week hit 71.03, coming close to the major 71.28 to 72.59 resistance area, before retracing amid concerns over China's slowing consumption and fragile housing market.
The 6 November low at 69.54 is being tested, a fall through which would have the mid-October trough at 68.22 in its sights.
WTI crude oil daily chart
US natural gas test support line
The natural gas recovery from the early December 2.939 low seems to have ended at last week’s 3.390 high with the August to December uptrend line at 3.032 currently acting as support. If slipped through, the psychological 3.000 mark may be revisited. Below it the early December low can be found at 2.939.
Minor resistance is seen around the 3.141 early October high and at the 9 December 3.190 high.
US natural gas daily chart
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