Gold price and natural gas price move higher, while WTI crude price recoups some losses
While gold and natural gas have both made progress, oil prices have edged off their lows for the week.
Gold heading higher
The gold price took a lurch higher on Thursday, adding to the view that a higher low has formed. Further gains will target the recent highs towards $2450. A higher low reinforces the bullish outlook and maintains the uptrend.
A close back below $2315 would be needed to reverse the short-term bullish view, and suggest further near-term weakness could be at hand.
WTI struggles off four-month lows
Crude oil prices continue to rebound from the four-month lows seen on Wednesday. $76.70 provided some support during May, but could now be resistance in the event of a move higher.
Trendline resistance from the April high comes into play towards $77.40, and could act as a barrier to further upside.
A reversal back below $74 might signal that fresh weakness is likely, even with the short-term oversold conditions prevailing in oil prices.
Natural Gas on the up once more
The short-term retracement from the highs seen earlier in the month has run its course, with the bounce over the past week putting the buyers back in charge.
Further gains target the 3121 highs from late May, and a close above this high would help to negate the weekly double-top that formed with the high in May.
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