Gold price rally continues, while WTI crude price and natural gas price rebound
Hopes of a recovery in natural gas prices are rising, while oil is recovering as Middle East tensions rise. Gold’s rally has continued in early trading.
Gold keeps on rising
The rebound continues here, and spot gold looks on course to test its recent highs.
The next level to watch is the high from earlier in July, at $2483. A close above this puts the price at a new record high. A close back below $2350 is needed to cancel out the current bullish view.
WTI rises on Middle East tensions
Further developments in the Middle East have bolstered the WTI crude oil price, which hit a fresh eight-week low yesterday.
A close above $76.00 might suggest that a low has formed, and could put the price back on an upward trajectory. In the near-term, further declines head towards the June low around $72.70.
Natural gas tries to form a low
The past two days have seen the natural gas price dip towards 2000, which has been met with buying.
Combined with a higher low in daily stochastics, it looks like a new attempt to form a durable low is underway. The price may then target the highs from last week around 2280.
For the moment, 2000 appears to be a line in the sand for buyers.
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