Gold price drops back while WTI crude price and natural gas price hold steady
Gold prices have edged down in early trading, but WTI is holding on to recent gains and natural gas’ recent losses have slowed.
Gold price drifts lower
Hopes of a gold recovery have fizzled out for now, with the price remaining below trendline resistance from the May high.
The price has also failed to break above the 50-day simple moving average (SMA), and further losses will take the price back to the $2280 lows that have held over the past three months.
Buyers will need a close back above $2350 to clear trendline resistance and the 50-day SMA and revive the uptrend.
WTI hold firm after recent gains
After faltering on Monday, oil prices recovered on Tuesday, holding around their recent highs and avoiding a close below $80.
This consolidation leaves the price poised for more upside so long as it holds above $80 and above the 200-day SMA (currently $78.90). The late April high at $84.26 is the next major level to watch on the upside should the price clear $81.80.
Sellers will need a close back below the 200-day SMA to help revive the bearish view.
Natural Gas holds steady
The price continues to consolidate after its highs earlier in the month, and with the 50-day SMA now above the 200-day SMA the bullish view continues to strengthen.
A close back above 3000 will help put the price back on course to test the early June highs and higher, taking the price to a new high in its current uptrend.
Meanwhile, a deeper drop from here would head towards the June low at 2532, and the 200-day SMA at 2526.
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