Gold price breakout knocked back, while WTI crude price consolidates and natural gas price heads lower
Hopes of a gold rally have been stifled for now, while oil prices consolidate and natural gas prices weaken.
Gold back below trendline resistance
The apparent break higher from last Thursday was knocked back on Friday, frustrating the hopes of gold bulls.
Friday saw the price end below trendline resistance from the May high, reversing the close above this line that occurred on Thursday. For now, losses have been halted, and a further short-term decline would need a close below $2800.
Bulls will want to see a renewed close above trendline support and above $2350 to revive the hope of a break higher.
WTI steady in early trading
WTI continues to hold above the 200-day simple moving average (SMA), and is holding on to most of the gains made last week.
Bulls will want to see continued price action above the 200-day SMA, and continued gains above $80 also help to reinforce the expectation of further gains. The late April high at $84 comes into view next.
A close back below $79 is needed to negate the bullish view in the short-term.
Natural Gas weakens
The price has slipped lower in early trading on Monday despite a holding action by buyers on Friday.
Having established a higher high in early June, the overall uptrend remains in place. The price has not tested the 50-day SMA since its bounce took off in early April, so further short-term weakness might not be surprising.
A close back above 3000 puts the price on course to test the recent high.
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