Gold price trades near record highs, US natural gas prices stall while oil remains under pressure
Gold price trades near record highs, US natural gas prices stall while oil remains under pressure ahead of July FOMC minutes.
Gold price stays near record high
On Tuesday the spot gold price rose to a new record high at around $2,531.00 per troy ounce as demand for the precious metal remained high. Last month global gold jumped to near the highest level in 14 years in July.
The price of gold now targets the $2,550.00 region.
Strong support sits between the $2,469.00 mid-July high and the $2,445.00-to-$2,480.00 early to mid-August highs.
Brent crude oil price continues three-day slide
Brent crude oil is on track for its fourth straight day of falling prices with the front month futures contract about to hit the 76.00 mark. Below it lies the early August low at 74.97.
Minor resistance may be encountered at the late July low at 77.94. Further minor resistance comes in at the mid-August 79.23 low.
US natural gas prices stall at resistance
US natural gas front month futures are once again grappling with the 200-day simple moving average (SMA) at 2.323, having probably formed another minor top at 2.379 on Tuesday. While this level caps on a daily chart closing basis, further sideways trading with a slight bearish bias remains at hand.
A rise above the recent highs at 2.350-to-2.379 would likely lead to the 55-day SMA at 2.431 being reached ahead of the late May low at 2.533.
A fall through this week's low at 2.197 would put the psychological 2.000 mark back in play.
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