Gold and oil prices keep falling, while natural gas rebound stalls
Gold and oil have come under fresh pressure this morning, while the recovery in natural gas is running out of momentum.
Gold pullback goes on
A retracement continues to gather pace here, though the uptrend is still intact.
The pullback from the April high has continued, moving below $2000 and with a declining MACD in place, sellers appear to hold sway in the short-term. An initial destination may be the 50-day Simple Moving Average (SMA) ($1922), or even down to the 100-day ($1889), a similar move to that seen in February.
A rebound back above $2000 might suggest that the buyers have wrested control once again.
WTI losses continue
The reversal here has almost entirely filled the gap of a month ago, potentially reviving the downtrend.
The failure to break above the 200-day SMA was certainly a negative development, and a move back below the 100- and 50-day SMAs would bolster the bearish view. This might then suggest an eventual move back down to the March lows.
Alternately, a revival above $80 might suggest another attempt to break the 200-day SMA was underway.
Natural Gas stuck below 50-day MA
The price has seen a recovery over the past week, though it has barely put a dent in the declines since December.
The bounce briefly moved above the 50-day SMA last week, but then fell back. A small recovery over the last two sessions of last week has stalled at the 50-day SMA for now.
Any reversal back below 2250 would argue for a fresh bearish view and a possible move to new 2023 lows.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
