Gold price holds steady, while WTI crude price and natural gas price rally
While gold continues to move sideways, both WTI and natural gas prices have made strong gains.
Gold continues to consolidate
The price has moved back towards the highs of last week, maintaining the modest bounce seen over the same period.
The next targets become the 50-day simple moving average (SMA), and then on to trendline resistance from the May highs.
If these are broken then the bullish view is revived, opening the way to the early June high at $2380, and then on to the $2450 high of May.
WTI enjoys strong bounce
Oil prices have continued to rally, with WTI having moved above the late May high around $80. This move has revived hopes of a bullish push, driven in part by a weakening of US dollar strength.
WTI has rallied sharply from the lows of early June, and now sits above the 50-day and 200-day SMAs. The late April high at $84.20 would become the next target in the event of further gains.
Sellers will want to see a close back below $79 to halt the bullish view for the time being.
Natural Gas pushes higher
The price has shaken off its wobble from a week ago, and has pushed higher once more.
Renewed tensions in the Middle East and lower production in the US put pressure on the price, while longer-term expectations of higher energy consumption due to the demands of AI have helped lift the price.
Further gains target the highs of last week, and then a push on will take the price to a new higher high. Sellers will want to see a close back below Monday’s 2800 low that could help to put the price back on course to test the late May low.
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