WTI, natural gas prices slip as gold heads for fourth straight day of gains
Outlook on WTI, gold and natural gas as the Jackson Hole symposium kicks off.
WTI slips towards mid-July high
WTI’s failed attempt of a rally to Monday’s $81.73 per barrel high has been followed by a drop to a one-month low at $77.60 on demand worries. The oil price slid for a fourth consecutive session as softer-than-expected flash PMIs in the Eurozone, UK and US raised concerns about future energy demand.
A fall through Wednesday’s low at $77.60 would put the $77.17 mid-July high on the map, below which meanders the 200-day simple moving average (SMA) at $75.98. The $78.65 mid-August low acts as minor resistance ahead of the minor psychological $80.00 mark.
Gold on track for fourth straight day of gains
The bullish reversal in the gold price from this week’s $1,885 per troy ounce low is taking it towards the mid-June low at $1,925 ahead of the Jackson Hole symposium where central bankers will guide markets on their interest rate outlooks.
Another potential upside target is the 55-day simple moving average (SMA) at $1,934 while support comes in along the 200-day simple moving average (SMA) at $1,910.
Natural gas futures fall towards July low
Natural gas prices are on the way down again as Australian strike risk fades. A preliminary agreement reached between Woodside Energy and unions at a major Australian liquefied natural gas (LNG) site has also pushed European gas futures prices down by around 13% on Thursday morning.
The fall through the June-to-August uptrend line at $2.598 MMBtu puts the July and early August lows at $2.481 to $2.480 on the map. If also slipped through, the 8 June high at $2.415 may also be reached. Minor resistance above the breached uptrend line can be found between the 18 August low at $2.620 and the 55-day simple moving average (SMA) at $2.656.
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