Brent crude oil retraces lower, gold remains bid while natural gas hits 10-month high
Brent crude oil retraces lower, gold remains bid while natural gas hits 10-month high
Brent crude oil slips back after Monday’s gains
Brent crude oil, which rallied by over 3.5% on Monday on heightened Middle East tensions, is seen slipping back to Monday’s $85.89 to $84.53 per barrel price gap which may get filled over the coming days. This is the more likely scenario, provided that Monday’s high at $88.46 isn’t exceeded. Immediate resistance can be spotted along the 55-day simple moving average (SMA) at $87.71 and at the August high at $87.83.
Gold surge likely to soon run out of steam
Gold’s gap higher following the Israel-Gaza strip conflict has so far taken the precious metal to $1,865 per troy ounce. A rise above this level could lead to the August low at $1,885 being reached. Together with the $1,893 June low it is likely to act as resistance, though. Were a fall through Monday’s low at $1,845 to be seen, the gap with Friday’s high at $1,835 may at least partially get filled.
Natural gas prices surge to ten-month high
Over the course of last week US natural gas futures have surged to a ten-month high at $3.585 as colder weather forecasts led to natural gas suppliers expecting a significant rise in winter demand. Were the $3.585 high to be exceeded, the 12 January high at $3.742 could be reached and perhaps also the $4 region. Major support now lies a long way off between the $3.056 to $3.050 March and August peaks.
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