Gold, silver rally on falling US dollar while US natural gas hits six-month low
Outlook on gold, silver and US natural gas amid a weakening US dollar.
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Gold shoots back up to $2,039 on dovish Fed
Spot gold rallied from this week’s low at $1,974 per troy ounce to $2,039 where the breached October-to-December uptrend line, now because of inverse polarity a resistance line, acts as short-term resistance, together with the 7 December high at $2,040. If overcome, the $2,050 zone would be next in line, ahead of the 2020, 2022 and May 2023 highs at $2,070 to $2,082. The December 5 low at $2,010, together with the late October high and the 21 November high at $2,009 to $2,007 should offer support.
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Silver swiftly reverses its descent
Spot silver’s decline from its current December peak at $25.77 per troy ounce, a near seven-month high, has been followed by a rapid drop to Wednesday’s $22.51 low. From there another swift rally is currently taking place on the back of a dovish Fed and falling US dollar. Now that the 22 September and 20 October highs at $23.70 to $23.77 have been overcome, the August peak at $25.01 is back in sight. Support below $23.77 to $23.70 is seen along the 200-day simple moving average (SMA) at $23.55.
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US natural gas futures prices try to hold above six-month low
US natural gas futures descent from their ten-month high at 3.665 in late October has taken these to a six-month low at 2.211 on Wednesday before recovering slightly amid a weakening US dollar. Good resistance can be spotted between the downtrend channel resistance line and this week’s price gap at 2.438 to 2.508. Were this week’s low at 2.211 to give way, the April-to-June lows at 2.158 to 2.063 would be in focus.
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