Gold price breaks trendline resistance and WTI crude price hits two-month high, but natural gas prices drop back
Gold and oil have both enjoyed a strong week, the former breaking higher after edging up in June and the latter hitting its highest level sine late April. Meanwhile, the rally in natural gas has stalled.

Gold price pushes higher
The gold price broke higher yesterday, closing above the 50-day simple moving average (SMA) and above trendline resistance from the May highs.
This could mark the beginning of a new leg higher, targeting $2380 and then on to the May record highs at $2450. A fresh bearish view would require a move back below the 50-day SMA, and then below the $2280 support level.

WTI at two-month high
Oil prices rallied again yesterday, and WTI hit its highest level in two months.
The rally from the June lows shows no sign of reversing; the rebound has carried the price above the highs of May, and now the next target is $84.
It would need a close back below the 200-day SMA to suggest that a new leg lower has begun.

Natural Gas heads lower
A see-saw week for natural gas could end with a loss for the commodity. Gains stalled on Wednesday, while heavy losses hit the price on Thursday.
Further losses will target the 200-day SMA, and also the May low at 2530. The current move may be a consolidation after the huge gains of April and May, but in the near-term a bigger move higher would need a close above 3000.

Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.