Gold price, WTI crude oil price and natural gas price pressured in early trading
Commodities have dropped back slightly in early trading, though WTI avoided a weaker close on Friday that might have suggested a lower high had been created.
Gold falls back from Friday high
The price rallied on Friday, helping to put a more positive end on a mixed week for gold.
The $2280 support zone remains in place, helping to support hopes of a new leg higher. The price needs to clear trendline resistance from the May high in order to provide a firm break higher.
A bearish view in the short-term would need a close below the $2280 support zone.
WTI crude oil holds firm for now
WTI avoided a lower close on Friday that might have indicated a lower high was in place.
Indeed, the price closed above trendline resistance from the April high, and remains above it in early trading on Monday. Gains last week faltered above $78, so a close above $79 would help to put the buyers in charge in the short-term and open the way to $80.
A close back below $77.30 would put the price back below trendline resistance and potentially open the way to the June lows.
Natural Gas drops back
The price faltered on Friday, and has started the new week on the back foot as well.
Further declines would head towards the late May low at 2530, with the 200-day simple moving average (SMA). A move below this low would dent the bullish view by breaking below the previous low.
Buyers will want to see a move back above 3000 to revive the short-term bullish view.
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