Gold price and WTI crude price higher, but natural gas price slips further
There has been no let up in the losses for natural gas, but both gold and WTI continue to make gains.
Gold’s rally continues
Gold prices continue to make gains, moving back to the $2360 highs from the middle of June.
The price action of the past month has seen the price bottom out around $2300, and now it has pushed above trendline resistance from the May highs and through the 50-day simple moving average (SMA).
Further gains target $2390, and then on the $2450 high from mid-May.
WTI at two month high
Thursday’s session saw the price close at its highest level since late April.
A reversal back below $82.5 might suggest that a high has formed for the time being, though for the moment the buyers remain in charge. A close above the late April high opens the way to the early April high at $87.2.
Trendline support from the June low continues to hold, underpinning further gains.
Natural Gas continues to fall
There has been no let up in the losses of the past week, and the next target is the 100-day SMA down at 2259.
Having fallen below the 50- and 200-day SMAs, the price is now in a more neutral area, a change from the bullish view that prevailed until late June.
A close above 2400 and then back above the 200-day SMA may help to restore the bullish view in the short-term.
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