Gold holds steady while WTI and natural gas rise after recent heavy losses
While gold continues to consolidate after the dizzying moves earlier in the week, WTI and natural gas have clawed their way higher following sharp losses.
Gold stuck below previous trendline support
Gold has endured an astonishing week, rallying to a record high before slumping back again. The price has recovered from the lows seen earlier in the week, but is now testing previous trendline support from below. A failure to break back above this support line could risk a new drop towards $2000 or lower. A close back above $2040 could see the buyers wrest control again.
WTI rise off a five-month low
Oil prices hit a five-month low on Wednesday, and edged slightly higher on Thursday. The summer support zone around $67 is now a short distance away, while below this comes the May low at $64. Prices have declined sharply over the past week, and some consolidation might not be entirely unexpected. Some minor resistance could lie at the mid-November low at $72.37.
Natural Gas tries to rally after heavy losses
The price hit a near six-month low on Thursday, as it briefly pushed below the lows of July and August. Short-term trendline resistance from mid-November continues to cap any upside A close back above 2700 might signal a leg higher has begun in the short-term. The June lows around 2180 become the next downside target.
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