Brent crude oil, gold and natural gas prices drop post hawkish Fed pause

Outlook on Brent crude oil, gold and natural following Fed’s hawkish pause.

Source: Bloomberg

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2023-09-21T10:27:39+0100

Brent crude oil comes off its ten-month high

The price of Brent crude oil continues to come off Tuesday’s ten-month high at $94.97 while the US dollar once more appreciates, exerting a slight downward pressure on the oil price, and as the Fed delivered a hawkish pause. Support can be spotted around the $90.97 early September high ahead of the psychological $90.00 mark. Resistance lurks around Tuesday’s $93.32 low. Further up lies this week’s ten-month high at $94.97 and the mid-September 2022 high at $95.19.

Source: ProRealTime

Gold comes off yesterday’s $1,947 high

Gold rallied back towards its $1,953 per troy ounce early September high but only managed to reach $1,947 before it came off again as the greenback continued to appreciate following hawkish comments at the Federal Open Market Committee (FOMC). The 200-day simple moving average (SMA) at $1,925 is currently being probed as support, below which the 6 September low at $1,915 may also act as minor support. Minor resistance above the 55-day simple moving average (SMA) at $1,932 sits at Tuesday’s $1,937 high.

Source: ProRealTime

Natural gas comes off this week’s six-week high

Natural gas prices recently shot back up to the $3.000 mark on weather and production concerns but are currently slipping back from this week’s high at $3.021. A slip through Wednesday’s $2.857 low would put Monday’s low and the 200-day simple moving average (SMA) at $2.800 to $2.791 on the map. Immediate resistance is seen at the early September high at $2.904 ahead of last and this week’s highs at $2.973 to $3.021. Slightly further up sits the August peak at $3.050.

Source: ProRealTime

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Brent crude oil, gold and natural gas prices drop post hawkish Fed pause

Brent crude oil comes off its ten-month high

Gold comes off yesterday’s $1,947 high

Natural gas comes off this week’s six-week high