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​​Gold price stumbles, but WTI crude price and natural gas price make gains​

Gold’s bounce has stalled but both natural gas and oil prices have made headway this week.

Gold Source: Adobe images

​Gold drops back from resistance

​The spot gold price fell back on Thursday, after managing to get back to the late November highs around $2720.

​If the losses seen yesterday extend into today, we could see a renewed move back towards $2610, where buyers emerged towards the end of November. $2720 is the key level to watch in the event of a recovery, as this needs to be broken to open a path to the October record highs.

Gold daily chart

Spot gold chart Source: IG
Spot gold chart Source: IG

​WTI enjoys a strong week

​It has been a solid week for oil prices, with WTI once more rallying from $67.

​Since late October the price has moved firmly into a range, moving between $67 and $72, though latterly it has faltered at $70. The downtrend from the April highs has come to a halt for the time being with this lack of lower highs, though the inability of the price to sustain a move higher over longer than two weeks still suggests a cautious outlook.

WTI crude oil daily chart

WTI crude oil chart Source: IG
WTI crude oil chart Source: IG

​Natural gas rebound continues

​The natural gas price has rallied around 12% from the 4 December low, renewing the uptrend after the pullback of late November.

​After Wednesday’s surge the price saw some initial weakness on Thursday but recovered to post further gains. 3600, the high from late November, is the next target. It would need a reversal back below 3000 to suggest a renewed push lower that might then challenge the early November low.

​Natural gas daily chart

Natural gas chart Source: IG
Natural gas chart Source: IG

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