Brent crude oil, natural gas prices rise while gold drops to one-month low
Outlook on Brent crude oil, gold and natural gas as the US dollar continues to appreciate.
Brent crude oil climbs on supply tightness
The price of Brent crude oil resumed its ascent as concerns about supply tightness heading into the winter gripped markets with last week’s ten-month high at $94.97 being back in sight. Immediate resistance lurks around last Tuesday’s $93.32 low. Support below Wednesday’s intraday low at $92.60 can be found around last Thursday’s $91.37 trough. Further down sits more important support between the $90.97 early September high and Tuesday’s $90.49 low.
Gold drops to one-month low
Gold’s descent from last week’s $1,947 per troy ounce high accompanied by a rising US dollar has taken it to a one-month low towards the $1,893 June low. Further down sits the August low at $1,885 which may also be reached over the coming days. Minor resistance above the mid-September low at $1,901 can be found around the 6 September low at $1,916.
Natural gas prices stabilize above support
On Tuesday US natural gas futures revisited their recent low at $2.791 but managed to bounce off it with this week’s high at $2.924 being in focus as supply tightness pushes price up. A rise above $2.924 would engage the psychological $3.000 region and last week’s high at $3.021. Further up sits the August peak at $3.050. A currently unexpected slip through last week’s low at $2.791 could lead to the 200-day simple moving average (SMA) at $2.727 being reached.
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