Brent crude oil tops out, gold sees sixth straight day drop while natural gas looks capped
Outlook on Brent crude oil, gold and natural gas as the US dollar continues to appreciate.
Brent crude oil forms top
Monday’s daily chart close by the Brent crude oil price below last week’s $90.49 low confirms a top formation as the rising US dollar led to a reduction in oil long positions. The June-to-October uptrend line at $88.36 per barrel together with the August high at $87.83 are thus in focus but may offer interim support. Further down meanders the 55-day simple moving average at $87.28. Minor resistance above last week’s low at $90.49 can be spotted at the 21 September $91.37 trough.
Gold price has seen six straight days of falls
Gold’s swift descent from last week’s $1,947 per troy ounce high due to a rising US dollar and yields has taken it to a seven-month low at $1,816. Slightly below this level the February and March lows can be made out at $1,810 to $1,805 and may offer interim support. There is now no resistance to speak of until the 6 March high at $1,858 and Friday’s $1,880 high.
Natural gas prices once again come off the $3 region
Last week US natural gas futures revisited their $3.021 September high on supply tightness and briefly overcame it but still ended the day below it. Over the past few days further attempts to break through this resistance area failed with front month natural gas futures instead slipping back towards the August-to-October uptrend line at $2.848. While the next lower $2.791 September low underpins, the medium-term uptrend will stay intact, though. A currently not expected rise above the $3.021 to $3.024 region would engage the August peak at $3.050.
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