WTI bounces off support, gold grapples with resistance while US natural gas prices rise

Outlook on WTI, gold and natural gas amid easing concerns of a wider conflict in the Middle East.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-10-27T10:45:18+0100

WTI bounces off this week’s low

WTI is regaining some lost ground amid easing concerns of a wider conflict in the Middle East and is about to flirt with its 55-day simple moving average (SMA) at $85.37 per barrel which capped the upside over the past couple of days. If bettered, the mid-October high at $87.05 may be revisited. Strong support remains to be seen between the current October lows at $81.95 to $81.21.

Source: ProRealTime

Gold probes significant resistance zone

Gold’s around 9% safe haven rally since the Middle East flared up has taken it to its key $1,983 to $1,987 per troy ounce June and July highs which, together with last week’s high at $1,997 and the psychological $2,000 mark, constitute a significant resistance area which is expected to cap today. If not, the March peak at $2,009 would be eyed. Support below the steep, accelerated uptrend line at $1,983 comes in between this week’s low at $1,954 and the September highs at $1,953 to $1,947. While this area holds, the medium-term uptrend stays intact.

Source: ProRealTime

Natural gas prices trade in new ten-month high

US natural gas futures reached a new ten-month high at $3.586 on Thursday, marginally above their early October high, as Israel is preparing for a ground invasion of the Gaza strip. Having so far seen five consecutive days of gains, the price of US natural gas is expected to continue on its upward trajectory towards its 12 January $3.742 January high ahead of the minor psychological $4.000 mark. Minor support below Thursday’s $3.505 low can be found at the mid-October $3.432 high.

Source: ProRealTime

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WTI bounces off support, gold grapples with resistance while US natural gas prices rise

WTI bounces off this week’s low

Gold probes significant resistance zone

Natural gas prices trade in new ten-month high