Gold price and WTI crude price rally, while natural gas price remains under pressure
While gold and oil have both seen gains over the last 24 hours, natural gas prices remain subdued.
Gold pushes through trendline resistance
Gold prices rebounded on Thursday, rallying from $2300 and breaking above trendline resistance from the May highs.
Once more the price has avoided a test of $2280, but now bulls need to step up and push the price on through the 50-day simple moving average (SMA). Further gains target the highs of last week at $2365, and then to the early June high at $2387.
A reversal back below trendline resistance puts $2280 support in the frame once more.
WTI moves higher
After a week spent consolidating around the highs the price has made headway in early trading on Friday.
The next leg higher after the gains of early June appears poised to begin, with the late April high at $84.32 the next target in a sustained move higher.
Sellers would need a close back below $80 in order to negate this bullish view, while a bearish view would need a close back below the 200-day SMA.
Natural Gas nears 50-day moving average
The pullback from the highs of June continues, though with the 50-day SMA now above the 200-day SMA the overall view continues to lean bullish.
A close back above 2800 might suggest that a low is in place and that a new leg higher is beginning. This would then target the early June highs at 3200.
Alternately, a close below the 50-day SMA would then test the 200-day SMA.
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